The Organization of the Petroleum Exporting Countries (OPEC) increased oil output for the fifth straight month in November, ahead of the next OPEC + meeting.
OPEC raised oil output by 750,000 barrels per day (bpd) to 25.31 million in November, according to a Reuters survey.
Thus, the oil output continued rising from its 30-year low hit in June.
OPEC had 102% compliance with agreement to cut oil supply in November.
OPEC+ members will meet on Monday and Tuesday to discuss the possibility of cutting oil output to 2 million bpd as of January.
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