The OPEC Monthly Oil Market Report for November 2021 was published this past week. The last month reported in each of the charts that follow is October 2021 and output reported for OPEC nations is crude oil output in thousands of barrels per day (kb/d). In the charts that follow the blue line is monthly output and the red line is the centered twelve month average (CTMA) output. Figure 1 Figure 2 OPEC produced 27453 kb/d of crude oil in October 2021 based on secondary sources, an increase of 217 kb/d from September 2021. September 2021 output was revised lower by 92 kb/d from what was reported last month and August 2021 output was revised down by 16 kb/d compared to the October report. Most of the increase in OPEC output was from Saudi Arabia(110 kb/d) followed by Venezuela (57 kb/d), UAE (38 kb/d), and Kuwait (32 kb/d). All […]