OPEC production rises for 2nd consecutive month: Report

Logo of OPEC

OPEC's crude oil production rose for the second straight month, with Libya making the largest contribution as it continues to rebound from political turmoil that had halted production at its major oil fields.

According to a Bloomberg survey, the organization pumped 27.02 million barrels per day (bpd) in November, up by 120,000 bpd from the previous month.

Libya's production rose by 110,000 bpd to 1.14 million bpd, the highest level since July. This increase followed the resumption of operations at the Sharara oil field in October, after production was halted in August due to clashes between authorities in the eastern region and the Tripoli-based government over control of the central bank.

Meanwhile, Iraq's output fell for the third consecutive month, declining by 70,000 bpd to 4.06 million bpd.

Organization of the Petroleum Exporting Countries and allied producers (OPEC+) is scheduled to hold an online meeting on Dec. 5 to decide on its production policy.