London, Dec. 3, 2024 – Crude production by the Organisation of Petroleum Exporting Countries (OPEC) increased for a second month in November as Libya continued to recover from a political feud that had shuttered its biggest oil field.
OPEC pumped an average of 27.02 million barrels a day last month, up by 120,000 from the previous month, according to a Bloomberg survey.
Libya, restoring output disrupted during a clash between rival governments, accounted for most of the addition.
Libya’s vagaries are separate from the core supply agreement between OPEC and its partners, which will meet this week to consider plans to revive production that has been halted since 2022.
Output changes in two other key members last month illustrate the dynamics at play ahead of those talks.
Iraq cut production for a third month as it continued efforts to belatedly implement supply cutbacks agreed at the start of the year, bowing to pressure from OPEC’s leadership.
Its daily output fell by 70,000 barrels to 4.06 million, still slightly exceeding its quota.
The United Arab Emirates, which has secured a unique dispensation to gradually pump more next year, raised daily production by 90,000 barrels to 3.26 million — considerably above its current designated limit.
Libyan production increased by 110,000 barrels to 1.14 million per day, the highest since July, after restarting its Sharara oil field in October.
It had been halted in August as authorities in the east of the country clashed with the Tripoli-based government over control of the central bank.
Before this week’s meeting, several OPEC+ delegates have privately said that the coalition, led by Saudi Arabia and Russia, is discussing delaying its scheduled output restart as crude prices struggle amid signs of an impending glut.
Oil futures are trading near $72 a barrel in London, down 18 per cent since early July. (Bloomberg)
