OPEC production jumped before global deal on cuts, IEA says
{{#rendered}} {{/rendered}}Russian Minister of Energy Alexander Novak, left, shakes hands with Khalid Al-Falih, Minister of Energy, Industry and Mineral Resources of Saudi Arabia after a news conference after a meeting of the Organization of the Petroleum Exporting Countries, OPEC, at their headquarters in Vienna, Austria, Saturday, Dec. 10, 2016. (AP Photo/Ronald Zak) (The Associated Press)
The International Energy Agency says OPEC oil production climbed to a record high last month, in the days and weeks leading up to a major global deal to slash output.
OPEC countries pumped 34.2 million barrels a day in November, the IEA said in its monthly report Tuesday. That was up 300,000 barrels a day from a month earlier, and "more than offset" a drop in production by non-OPEC countries.
Oil prices rallied after OPEC and non-OPEC countries, whose economies have suffered from low oil prices, jointly decided last weekend to cut production.
{{#rendered}} {{/rendered}}The IEA said "the next few weeks will be crucial in determining if the production cuts are being implemented and whether the recent increase in oil prices will last."