OPEC Oil Output Increases in November

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. 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, with Libya again posting the largest increase.

Libyan output recovered after resolving a dispute over control of the central bank, which allowed full production to resume at oilfields, applying downward pressure on prices. Notably, Libya is exempt from agreements by the broader OPEC+ group of producers to limit output.

OPEC+ is set to meet on Thursday and may extend output cuts into 2025 due to global demand concerns and rising output outside the group, sources told Reuters.

Additional increases of 50,000 bpd each came from Nigeria and Iran, while no significant drops in output were reported. Iraqi production edged lower, reflecting efforts to boost compliance with its OPEC+ quota.

The survey indicated OPEC pumped about 16,000 bpd above the implied target for the nine members covered by supply cut agreements, with Gabon exceeding its target by the largest margin.

The Reuters survey tracks supply to the market based on shipping data from external sources, flows data from LSEG, information from flow-tracking companies like Kpler and Petro-Logistics, and insights from oil companies and consultants.