OPEC output rises in November driven by recovery in Libyan oil output

A survey showed that OPEC output rose for a second straight month in November, with a recovery in Libyan production contributing significantly to the increase after a domestic political crisis was resolved. However, cuts imposed by the broader OPEC+ alliance continued to limit any significant increases in supply.

According to the Reuters survey, OPEC supplies reached 26.51 million barrels per day (bpd) in November, an increase of 180,000 bpd compared to October, with Libya contributing the most to the increase.

The recovery in Libyan production came after a dispute over control of the central bank was resolved, allowing full production to resume at oil fields, which put downward pressure on oil prices. It is worth noting that Libya is exempt from production cut obligations under the OPEC+ agreements.