Global oil production declined sharply in November. World oil output fell by 109 thousand barrels per day to 86,281 kb/d, marking a significant contraction in global energy supply. The Energy Information Administration has issued major revisions to its production forecasts, citing geopolitical tensions including the US-Iranian conflict as a primary driver of the downward adjustment. Non-OPEC producers outside the United States are projected to increase output by 917 kb/d through December 2027, potentially reaching 42,557 kb/d. This production decline reflects ongoing supply pressures in the global energy market, with geopolitical risks continuing to influence oil markets and energy prices moving forward.
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