OPEC’s oil output edges up 0.2% in October
The increase was driven by higher output from Saudi Arabia and Libya, both of which lifted ouput by 80,000 bpd to 10.38 million bpd and to 430,000 bpd, respectively, in October. The increase in Saudi output was attributed to stronger demand stemming from lower prices and increased demand from local refineries.
Meanwhile, Kuwait and Iran posted the biggest declines among OPEC member nations. Kuwait’s oil output declined by 120,000 bpd to 2.82 million bpd while Iran produced 100,000 bpd less, bringing its total output to 2.7 million bpd in October.
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