Iraq, Saudi Arabia lead output increase

Opec oil output rose in November from the previous month, a Reuters survey found on Monday, led by a rebound in Iraqi exports after bad weather had temporarily halted supply growth from the group’s second-largest producer.

The increase indicates the Organisation of Petroleum Exporting Countries is again pumping close to a record high as Saudi Arabia and other big producers focus on market share. Opec meets this week to review the policy, with no change expected. Opec supply has risen in November to 31.77 million barrels per day (bpd) from 31.64 million in October, according to the survey, based on shipping data and information from sources at oil companies, Opec and consultants.