Despite the contrary actions by most OPEC+ countries, Iranian and Venezuelan oil companies increased oil production, which lost 230,000 barrels of black gold per day in November.
As a result, Iran and Venezuela produced 90,000 b/d more oil in November than in the previous month combined. These countries are not subject to OPEC restrictions due to energy production quotas.
It is no coincidence that Tehran and Caracas chose to increase oil production at this time. As relations between Venezuela and Guyana deteriorate, the United States will not increase pressure on the Maduro regime as it runs. It is important for Washington to obtain concessions from the Venezuelan authorities – for which the US side eased sanctions against the Latin American country a month ago.
At the same time, Brazil may soon follow the example of Iran and Venezuela. After the development of subsalt deposits on the Atlantic shelf from 2012 to 2022, the country's production increased from 2 per day70,000 barrels increased to 3.2 million barrels.
Earlier, Putin said that the Russian Federation could work with OPEC members to limit the production of black gold next year in order to stabilize the oil market.
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