OPEC oil output rose for a fifth month in November, a Reuters survey found, as increased Libyan production offset full adherence by other producers to cuts agreed in an OPEC-led supply deal.
The 13-member Organization of the Petroleum Exporting Countries has pumped 25.31 million barrels per day (bpd) in November, the survey found, up 750,000 bpd from October and a further increase from the three-decade low reached in June.
OPEC, Russia and their allies, a group known as OPEC+, are gathering virtually on Monday and Tuesday and will consider whether to extend existing curbs due to weak demand or increase output gradually from January, sources say.
Libya, an OPEC member exempted from OPEC+ cuts, has seen a recovery in output that was largely shut down for months. This poses a headache for other producers trying to manage supplies as coronavirus lockdowns prevent a revival in demand.
Meanwhile, OPEC states are bound by the supply deal continue to cut more than agreed, the survey found. Compliance with the cutbacks stood at 102% in November, steady from October.
