OPEC’s oil production increased for the second consecutive month in November, driven by Libya’s rebound following the resolution of a political crisis.
The Organization of the Petroleum Exporting Countries produced 26.51 million barrels per day (bpd) last month, up 180,000 bpd from October, with Libya accounting for the largest share of the increase.
Libyan output surged after a dispute over central bank control was resolved, enabling full production at key oilfields and exerting downward pressure on oil prices.
Reuters data showed that OPEC members participating in output cuts agreed upon by the wider OPEC+ alliance largely maintained steady production levels.
Libya remains exempt from the broader OPEC+ agreements to limit output.
OPEC+ is set to meet on Thursday and may consider extending production cuts into 2025 amid concerns over global demand and rising output from non-member producers.
