OPEC Oil Output Slips in November Amid Nigeria's Production Decline

OPEC's oil output dropped in November despite an agreement to raise production, with Nigeria and Iraq experiencing the largest declines. The survey, conducted by Reuters to track market supply, revealed that OPEC and its allies, including Russia, were slow in increasing output.

Nigeria faced production disruptions due to pipeline maintenance and a fire incident. The International Energy Agency (IEA) estimated higher pump volumes than OPEC's quota.

Oil prices edged up as the U.S. Federal Reserve was expected to cut interest rates, boosting economic growth and energy demand.