The 1.5 million b/d estimate of Libyan production, representing a 20,000 b/d increase from September, puts the country within 100,000 b/d of pre-uprising output.
Ministers are scheduled to review the current production agreement at
. They have yet to give any indication of the likely outcome of the meeting.
OPEC published its annual World Oil Outlook last Thursday, in which it said it expects demand for its crude to remain flat over the next five years because higher non-OPEC liquids, including U.S. shale oil, will take the lion's share of expected increases in world oil demand.
The OPEC production ceiling, agreed in
and extended in
, does not include individual country quotas.
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