and meanwhile, Iraq wants to take production to 9 MBOPD
So the Saudi's cut by 1 Million and Iraq wants to increase by 4 million:
"Falah al-Amri, head of state oil marketer SOMO, said that Iraq will not go back below 4.7 million barrels per day, "not for OPEC, not for anybody else".
https://www.reuters.com/article/us-iraq-opec-oil-idUSKCN12P1IQ?il=0
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and:
Falah al-Amiri, head of Iraqi state oil marketer SOMO, added that Iraq's market share had been compromised by the wars it has fought since the 1980s. "We should be producing 9 million (barrels per day) if it wasn't for the wars," he said.
https://www.cnbc.com/2016/10/23/oil-prices-drop-as-iraq-says-doesnt-want-to-join-opec-cut.html
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I for one wouldn't be putting too much faith in the projection that the world will be producing less oil after Nov 30th.