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OPEC production jumped before global deal on cuts, IEA says

By on December 13, 2016

PARIS — The International Energy Agency says OPEC oil production climbed to a record high last month, in the days and weeks leading up to a major global deal to slash output.

OPEC countries pumped 34.2 million barrels a day in November, the IEA said in its monthly report Tuesday. That was up 300,000 barrels a day from a month earlier, and “more than offset” a drop in production by non-OPEC countries.

Oil prices rallied after OPEC and non-OPEC countries, whose economies have suffered from low oil prices, jointly decided last weekend to cut production.

The IEA said “the next few weeks will be crucial in determining if the production cuts are being implemented and whether the recent increase in oil prices will last.”

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