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Ahead of deal to cut, OPEC oil output hits record high: Reuters survey Dec 5, 2016
 

Used oil barrels are seen outside a garage in Cuevas del BecerroBy Alex Lawler LONDON (Reuters) - OPEC's oil output set another record high in November ahead of a deal to cut production, a Reuters survey found on Monday, helped by higher Iraqi exports and extra barrels from two nations exempted from cutting supply - Nigeria and Libya. Supply from OPEC increased to 34.19 million barrels per day (bpd) in November from 33.82 million bpd in October, according to the survey based on shipping data and information from industry sources. "OPEC's decision to cut production has removed a lot of downside risk for 2017," said Bjarne Schieldrop, chief commodities analyst at SEB, even though "some cheating is a natural habit among OPEC's members".


 
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