OPEC production rose to a record high for the second straight month as the group’s members prepare to implement production cuts.
According to data collected by Reuters, OPEC output climbed to a record-breaking 34.19 million barrels per day in November.
That figure was up from a previous record high of 33.8 million bpd reached in October.
Russia’s reported average oil production jumped to a 30-year high of 11.21 million bpd in November, Reuters said.
News of the production surges comes just about a week after OPEC members reached a deal to trim the group’s production down to 32.5 million bpd from October levels.
The agreement will be effective starting on January 1, 2017.
OPEC said it will also establish a “High-level Monitoring Committee,” consisting of oil ministers and assisted by the OPEC Secretariat, to monitor the implementation of the agreement.
Under the deal, Iran will be allowed to grow its production to about 3.9 million bpd from its current level of just over 3.6 million bpd.
Saudi Arabia’s production will remain just above 10 million bpd.
OPEC members will meet with a group of non-OPEC producers on December 10 to discuss potential production cuts.
According to S&P Global Platts, 14 non-OPEC countries have been invited to the meeting including Mexico, Russia and Kazakhstan.
OPEC secretary general Mohammed Barkindo told S&P Global Platts that he is “very confident” that non-OPEC producers will agree to cut production by 600,000 bpd.
Crude prices have slipped this week after surging past the $50 per barrel mark as investors weigh the possibility of rising U.S. shale production.
Brent crude was trading at $53.87 per barrel just after noon on Tuesday, down from $54.94 per barrel at Monday’s closing bell.
West Texas Intermediate fell to $50.70 per barrel after closing at $51.79 per barrel on Monday.
The U.S. rig count continued to rise last week after a three rig gain pushed the total count up to 477 rigs compared to 545 rigs a year ago.
