Oil production this month by the Organization of Petroleum Exporting Countries rose to the highest level in three years, led by surging Libyan output, a Bloomberg News survey showed.
Production increased 390,000 barrels, or 1.3 percent, to an average 30.355 million barrels a day from a revised 29.965 million, the most since November 2008, according to the survey of oil companies, producers and analysts. Daily output by the 11 members with quotas, all except Iraq, climbed 340,000 barrels to 27.65 million, 2.805 million barrels above their target.
Libyan output rose 155,000 barrels to 500,000 a day, the highest level since February, the survey showed. Production in the North African nation had tumbled from 1.585 million barrels a day in January, the last month before an uprising against the government of Muammar Qaddafi disrupted output.
Saudi Arabia, OPEC’s biggest producer, increased output by 65,000 barrels, or 0.7 percent, to 9.55 million barrels a day this month. October production was revised 175,000 barrels a day lower. The kingdom exceeded its daily quota by 1.499 million barrels.