Reuters and Bloomberg have meanwhile published their surveys on OPEC production in November. In both surveys, production by members bound by quotas declined, even though production could have increased by 85,000 barrels per day according to the agreement, Commerzbank's commodity analyst Carsten Fritsch notes.

Saudi Arabia holds production despite higher quota

"Some countries are unable to expand their production as they are already producing at maximum capacity, while others, such as Iraq, had to compensate for previous overproduction with compensatory cuts. It was also noteworthy that Saudi Arabia did not further increase production in November despite a higher production quota. The fact that Saudi Arabia has not fully utilized its production quota could indicate lower demand."

"This has already prompted Saudi Arabia to further reduce its official selling prices. According to the Reuters survey, production in countries subject to quotas was a good 400,000 barrels per day below the agreed level. The Bloomberg survey, on the other hand, shows that the agreed production volume was exceeded by a good 260,000 barrels per day."

"The biggest discrepancies between the two surveys are in Iraq and the United Arab Emirates, whose production is significantly higher according to Bloomberg than according to Reuters."