Survey: OPEC oil output rises in November as Libyan crude recovers

OPEC oil output rose for a second straight month in November as Libya’s output recovered after a political crisis was resolved, a Reuters survey found.

Despite the increase, pledged cuts by members of the OPEC+ group, the broader alliance, kept output largely flat.

The survey, on Tuesday, December 3, showed OPEC output rose to 26.51 million barrels per day (bpd) in November, up 180,000 bpd from October, with Libya leading the rise.

This came after production in Libya recovered following the resolution of a dispute over control of the central bank, allowing the North African country to fully resume production at its oilfields and putting downward pressure on prices. Libya is not part of OPEC+’s production cuts.

The increases also included 50,000 bpd from Nigeria and Iran. The survey did not reveal any major production declines, but it found a slight decline in Iraq’s output, reflecting efforts by the country to comply with its agreed OPEC+ quota. The nine OPEC+ members exceeded their target by about 16,000 barrels per day, with Gabon the biggest overshoot, the survey said. The survey comes two days before an OPEC+ meeting on Thursday, which could see a decision to extend output cuts beyond January 2025, due to concerns over global demand and rising output from outside the group, sources told Reuters.