OPEC’s crude production rose for a second straight month in November according to a Bloomberg survey.

• Its survey found OPEC produced an average of 27.02mn bpd in November – 120kbd higher m/m.
• It found higher production from Libya as it recovers from a political feud (+110kbd m/m to 1.14mn bpd) while the UAE pumped above its limits (+90kbd m/m to 3.26mn bpd.)
• Iraq meanwhile was found to be lowering production but remains slightly over its quota. (Down 70kbd m/m to 4.06mn bpd)
• The market widely expects OPEC+ to roll back its production return at its delayed meeting this week. A Reuters source reported last week it could be until the end of Q1 2025.