OPEC production rose by 180K per day in November, according to the Reuters survey. The rise was driven by Libya’s 100K bpd increase, as that country isn’t subject to quotas.
The countries producing over-quota were Gabon, Nigeria and the UAE but total production was just 16K bpd over quota.
A report late yesterday said OPEC is likely to extend quotas through Q1. The meeting is on Thursday. WTI crud was last up $1.43 to $69.53.
This article was written by Adam Button at www.forexlive.com.
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