Strikes and protests in Libya has caused Opec’s oil output to drop in November, remaining below 30 million barrels per day for a second month in a row, according to a Reuters survey found.
“Supply from the Organization of the Petroleum Exporting Countries has averaged 29.64m barrels per day (bpd), down from a revised 29.70m bpd in October, according to the survey based on shipping data and information from sources at oil companies, Opec and consultants,” reports Gulf Daily.
Opec output has been hit by outages in Libya and Nigeria this year, offsetting extra U.S. shale oil and other non-Opec supply and helping to keep oil prices well above Saudi Arabia’s preferred level of $100 a barrel.
“The market is well supplied but not overly well supplied. Otherwise prices would be plunging,” said Sam Ciszuk, an analyst at the Swedish Energy Agency.
“Libya is in a complete mess and there’s been some positive signs about Iran, but I don’t think the market sees any actual important volumes coming out of that in the coming few months.”
November protests in Libya, maintenance in Nigeria and lower Saudi supply outweighed a slight recovery in Iraqi exports and a tiny increase in Iranian shipments.