OPEC+ production stays below output quotas - Dec 21

[dan_s]

OPEC+ Underproduces Output Target in November.
OPEC+ compliance with oil production cuts moved a bit higher month-on-month in November to 117%, primarily triggered by Angola and Nigeria struggling to bounce back from declining production rates and never-ending maintenance issues.

Libya Declares Force Majeure on Several Export Terminals.
Libya’s NOC declared force majeure on crude exports from the country’s western ports of Zawia and Mellitah after the Petroleum Facilities Guard took over and shut down production at most of the African country’s fields in the west.

European Gas Prices Spike Further.
With Russian pipeline gas deliveries to Germany remaining at relatively low levels and the odds of seeing Nord Stream 2 launched this year fading away, the day-ahead European TTF benchmark rose to €149 per MWh this week (equivalent to $52 per mmBtu).