As Libya recovers, OPEC oil production increases in November, according to a poll

Despite members making concessions promised to the larger OPEC+ coalition, OPEC oil output remained relatively stable in November, rising for a second month as Libya’s production rebounded following the end of a political crisis, according to a Reuters survey.

Libya once again recorded the biggest increase in the Organization of the Petroleum Exporting Countries’ output, which was 26.51 million barrels per day (bpd) last month, up 180,000 bpd from October, according to the survey released on Tuesday.

Following the settlement of a conflict over central bank control, Libyan output increased, allowing oilfields to restart full production and pushing prices lower. The nation is not subject to output-limitation agreements made by the larger OPEC+ group of producers.

In light of concerns about global demand and growing supply outside the club, OPEC+, which is set to meet on Thursday, may extend output curbs till 2025, according to sources who spoke to Reuters.

Another 50,000 bpd rise each came from Iran and Nigeria.

The output did not significantly decline. According to the survey, Iraqi output slightly decreased, which was a result of attempts to increase adherence to its OPEC+ quota.

According to the poll, with Gabon surpassing its objective by the greatest amount, OPEC produced almost 16,000 barrels per day above the implied threshold for the nine nations covered by supply cut agreements.

The Reuters survey, which tracks market supply, is based on shipping data from outside sources, flow data from financial group LSEG, information from flow-tracking companies like Kpler and Petro-Logistics, and information from consultants, oil companies, and OPEC.