Opec points to larger 2017 oil surplus, unless cuts implemented

OPEC ministers attend a meeting of the Organization of the Petroleum Exporting Countries in Vienna, Austria on Nov 30, 2016.
OPEC ministers attend a meeting of the Organization of the Petroleum Exporting Countries in Vienna, Austria on Nov 30, 2016.PHOTO: AFP

LONDON (REUTERS) - Opec pointed on Wednesday to a growing oil supply surplus next year unless members implement their deal to curb output from record levels and outside producers also deliver on cutback pledges made at the weekend.

The Organization of the Petroleum Exporting Countries (Opec) pumped 33.87 million barrels per day (bpd) last month, according to figures Opec collects from secondary sources, up 150,000 bpd from October, Opec said in a monthly report.

Opec is implementing an agreement to cut supply from Jan. 1 and on Saturday, a number of non-member countries agreed to curb their output by around 560,000 bpd in support of the Opec curbs.

As well as reporting higher output from its own members, Opec slightly raised its forecast of supply in 2017 from non-member countries.

The November Opec production figure is the highest since at least 2008, according to a Reuters review of past Opec reports.