OPEC oil output rises for fifth month on Libyan recovery, Reuters survey shows | Reuters

OPEC oil output rises for fifth month on Libyan recovery, Reuters survey shows | Reuters

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.

“OPEC+ seem unable to reach agreement, at least in the run-up to today’s meeting,” said Eugen Weinberg of Commerzbank.