Vienna: OPEC+ countries, which had previously agreed to reduce oil production, failed to meet their production targets last month. In November 2025, these countries collectively reduced their daily oil production by 290,000 barrels, but still fell short of their target by 140,000 barrels, even after accounting for voluntary reductions and production compensation.

According to Azeri-Press News Agency, the International Energy Agency (IEA) reported that the target daily production for OPEC+ countries in November, which included allowances for voluntary reductions and compensation for excess production, was set at 36.38 million barrels. However, actual production only reached 36.23 million barrels, resulting in a shortfall of approximately 140,000 barrels.

During the same period, the daily production for all OPEC+ countries, which includes nations like Iran, Venezuela, and Libya that are exempt from quotas due to sanctions and other reasons, decreased to 43.25 million barrels. OPEC+ is a collaborative effort that involves both OPEC and non-OPEC countries aiming to balance the oil market. Azerbaijan is among the countries participating in the OPEC+ agreement.