OPEC’s oil supply rose in November to its highest level this year, boosted by increased output from Nigeria, the United Arab Emirates and Saudi Arabia, a Reuters survey showed Sunday.
Supply from the 11 members of the Organization of the Petroleum Exporting Countries bounded by output targets ― all except Iraq ― rose to 26.52 million barrels per day from a revised 26.43 million bpd in October, according to the survey of oil firms, OPEC officials and analysts.
Saudi Arabia, OPEC’s top producer, nudged supply up to 8.13 million bpd, reflecting firmer demand in Asia, the survey found. The United Arab Emirates also raised supply, but there was no sign of more barrels from Kuwait. Iran’s output rose, leaving it 440,000 bpd above target, the most in absolute terms of any member.
