OPEC oil output rises in November as Libya recovers, survey finds
2024.12.03 11:17
By Alex Lawler
LONDON (Reuters) – OPEC oil output rose for a second month in November as Libya’s production recovered after resolution of a political crisis, a Reuters survey found, though members making cuts pledged to the wider OPEC+ alliance kept output broadly steady.
The Organization of the Petroleum Exporting Countries pumped 26.51 million barrels per day (bpd) last month, up 180,000 bpd from October, the survey showed on Tuesday, with Libya again posting the largest increase.
Libyan output recovered after resolution of a dispute over control of the central bank, allowing full production to resume at oilfields and applying downward pressure on prices. The country is exempt from agreements by the broader OPEC+ group of producers to limit output.
OPEC+ is scheduled to meet on Thursday and could extend output cuts into 2025 in the face of global demand concerns and rising output outside the group, sources have told Reuters.
Other increases of 50,000 bpd each came from Nigeria and from Iran.
There were no significant drops in output. Iraqi production edged lower, the survey found, reflecting efforts to boost compliance with its OPEC+ quota.
OPEC pumped about 16,000 bpd above the implied target for the nine members covered by supply cut agreements, the survey found, with Gabon exceeding its target by the largest amount.
The Reuters survey aims to track supply to the market and is based on shipping data provided by external sources, flows data from financial group LSEG, information from companies that track flows, such as Kpler and Petro-Logistics, and information provided by sources at oil companies, OPEC and consultants.
