OPEC raised its crude oil production by 285,000 barrels per day (bpd) to 27.72 million bpd in November as it continues to ease the cuts per the OPEC+ deal, but the overall output of the 10 OPEC members in the pact was still below the quota for last month. OPEC’s Monthly Oil Market Report (MOMR) showed on Monday that total output rose to 27.717 million bpd. Excluding the November production of the three OPEC members exempted from the OPEC+ agreement—Iran, Libya, and Venezuela—the remaining OPEC producers fell short of the 24.047 million bpd quota for the cartel for November . Combined, Iran, Libya, and Venezuela pumped a total of 4.239 million bpd in November, leaving the other ten OPEC members with 23.478 million bpd in oil production, below the 24-million-bpd ceiling for the month. In November, Saudi Arabia raised its oil production the most, by 101,000 bpd, generally in […]