Preliminary production figures for November 2020 show an average daily production of 2 026 000 barrels of oil, NGL and condensate.

At the coalition's last meeting Dec. 3, OPEC+ members agreed to raise collective output by about 500,000 b/d from January and to convene monthly to determine subsequent levels.

Many oil companies that were hit hard in 2015 from the sudden drop in oil prices to levels not seen in years at the time, were able to hold on initially.

U.S. industrial production increased 0.4 percent in November.

Crude oil production from the major US onshore regions is forecast to decrease 137,000 b/d month-over-month in December from 7,575 to 7,438 thousand barrels/day, gas production to decrease 744 million cubic feet/day from 81,521 to 80,777 million cubic feet/day .

OPEC+ compliance with its production cuts stayed stable at 100.2%.

In April 2020, the OPEC+ decided to cut their overall crude oil production by 9.7 mb/d over the 1 May 2020 - 30 June 2020 period, in an attempt to reduce the global oversupply and to firm up depressed oil prices in a context of COVID-19 pandemic.

"Russia's increase starting January is around 125,000 b/d, we discussed it with oil companies," Novak said during the OPEC+ press conference.

November production was down 11% on the year at 46.07 million mt, or around 11.26 million b/d. This was due to deeper output cuts under the OPEC+ agreement in 2020 compared with 2019.

The preliminary level for dry natural gas production in September 2020 was 2,678 billion cubic feet (Bcf), or 89.3 Bcf/d. This level was 5.4 Bcf/d (-5.7%) lower than the September 2019 level of 94.7 Bcf/d.