Libya Oil Recovery Lifts OPEC Output in November

AFRICAN BUSINESS AND ECONOMYDecember 4, 2024 at 8:58 AM UTC

TLDR

OPEC’s crude production increased for a second consecutive month in November.
Output reached 27.02 million barrels per day, driven by Libya’s restored production.
Libyan production reached 1.14 million barrels per day, its highest since July.

OPEC’s crude production increased for a second consecutive month in November, reaching 27.02 million barrels per day, up by 120,000 barrels, according to a Bloomberg survey. The rise was driven by Libya’s restored output after reopening the Sharara oil field, which had been closed due to political disputes. Libyan production reached 1.14 million barrels per day, its highest since July.

Other key members saw contrasting trends. Iraq cut production by 70,000 barrels to 4.06 million per day as it worked to meet earlier commitments to reduce output. Meanwhile, the UAE increased production by 90,000 barrels to 3.26 million per day, exceeding its quota, ahead of plans to expand capacity further in 2025.

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Key Takeaways

Ahead of this week’s OPEC+ meeting, the coalition, led by Saudi Arabia and Russia, is considering delaying a planned January production hike as oil prices hover near $72 per barrel. While the UAE’s gradual production increases remain distinct, broader supply plans may be postponed to avoid exacerbating a potential market glut. Extensive negotiations highlight ongoing challenges in balancing member commitments and global market conditions.

Libya

OPEC

Economy

Oil and Gas

Crude Oil

North Africa