OPEC oil production rose for a second month in November as Libyan production resumed after a political crisis was resolved, according to a Reuters survey, although members pledged to cut production in the framework of the broader OPEC+ alliance have kept it at a generally stable level.
The Organization of the Petroleum Exporting Countries pumped 26.51 million barrels per day (bpd) last month, 180,000 bpd more than in October, according to the survey on Tuesday, with Libya again posting the most sharp increase.
Libyan production recovered after a dispute over control of the central bank was resolved, allowing production to return to full capacity in oil fields and putting downward pressure on prices . The country is exempt from production-limiting agreements reached by the broader group of OPEC+ producers.
OPEC+ is due to meet on Thursday and could extend production cuts until 2025 in the face of global demand concerns and rising production outside the group, sources told Reuters.
Further increases of 50,000 bpd each came from Nigeria and Iran.
There was no significant drop in production. Iraqi production fell slightly, the survey showed, reflecting efforts to improve compliance with its OPEC+ quota.
OPEC pumped about 16,000 bpd more than the implied target for the nine members covered by supply reduction agreements, according to the survey, with Gabon exceeding its target by the most.
The Reuters investigation aims to monitor the evolution of supply in the market and is based on shipping data provided by external sources, flow data from the financial group LSEG, information from companies that follow feeds, such as Kpler and Petro-Logistics, and information provided by sources within oil companies, OPEC and consultants.
