OPEC’s oil production increased in November for the second consecutive month, following the recovery of production in Libya after the resolution of the political crisis.
According to a Reuters survey, production in Libya rebounded after the resolution of the political crisis, leading to a second consecutive month of increased oil production for OPEC in November. However, members of the OPEC+ alliance, who had pledged to limit production, kept their overall output steady.
The Organization of the Petroleum Exporting Countries (OPEC) pumped 26.51 million barrels per day in November, an increase of 180,000 barrels per day compared to October. According to the survey, Libya recorded the largest increase.
Following the resolution of the dispute over control of the central bank, production in Libya recovered, and full production was reached at oil fields, putting downward pressure on prices.
The country is exempt from the OPEC+ production reduction agreements.
Production Cuts
Sources told Reuters that OPEC+ will meet on Thursday and may extend production cuts through 2025 due to global demand concerns and increasing output from outside the group.
Other increases came from Nigeria and Iran.
There was no major drop in production. According to the survey, Iraq’s production slightly decreased, reflecting efforts to increase compliance with the OPEC+ quota.
Reuters’ survey revealed that OPEC produced about 16,000 barrels/day above the implicit target for nine of its members under supply reduction agreements, and the country that exceeded its target the most was Gabon.
The Reuters survey aims to track market supply and is based on shipping data from external sources, financial flow data from LSEG, information from flow tracking companies like Kpler and Petro-Logistics, as well as data from oil companies, OPEC, and consultants.
