OPEC: Oil stock surplus at highest level in a decade
OPEC attributed the rise in global oil inventories to the fact that global oil supply has been rising at a faster pace than demand due to slower than anticipated global economic growth. The cartel added that slower growth from non-OPEC producers and rising demand for winter fuels may help pare down the length in supply over the next few months.
On the production front, OPEC stated that the cartel’s oil production declined by 256,500 barrels per day (bpd) to 31.38 million bpd in October. Iraq posted the biggest loss with a decrease of 195,400 bpd to 4.01 million bpd while output from Saudi Arabia also fell 72,200 bpd to 10.125 million bpd in October. The decrease in Saudi Arabia’s oil production stemmed from seasonal slowdown in demand for power generation following the summer months.
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