OPEC Oil Output Soars As Production Cut Decision Looms

Driven by a faster-than-expected comeback of Libyan oil production, OPEC’s crude output jumped in November by 750,000 barrels per day (bpd), the fifth consecutive increase in the cartel’s production, the monthly Reuters survey showed on Monday. The 13 members of OPEC have produced a total of 25.31 million bpd in November, a massive 750,000 bpd increase from October as Libya’s oil production rose by nearly 700,000 bpd, according to the Reuters survey of ship-tracking data and sources from OPEC, consultants, and oil companies. OPEC’s…