The greatest trick OPEC ever pulled was convincing the world to buy oil even as production kept rising to new all-time highs. Case in point, just out from Reuters: o OPEC November oil output rises 370,000 bpd month/month to 34.19 million bpd, the highest in recent history. o Saudi Arabia supply edges down on refinery maintenance and reduced direct crude burning o OPEC output rise led by Angola, Nigeria, Libya and Iraq Meanwhile, oil rose to fresh 16 month highs, with Brent rising above $55 for the first time since mid-2015. (Click to enlarge) More details from Reuters: OPEC’s oil output set another record high in November ahead of a deal to cut production, a Reuters survey found on Monday, helped by higher Iraqi exports and extra barrels from two nations exempted from cutting supply – Nigeria and Libya. The latest rise in supply means the […]