LONDON: OPEC oil output has risen for a fourth month in October, a Reuters survey found, as a restart of more Libyan installations and higher Iraqi exports offset full adherence by other members to an OPEC-led supply cut deal.The 13-member Organization of the Petroleum Exporting Countries has pumped 24.59 million barrels per day (bpd) on average in October, the survey found, up 210,000 bpd from September and a further boost from the three-decade low reached in June.An increase in OPEC supply and a new hit to demand as coronavirus cases rise have weighed on oil prices, which have fallen 8% in October to near $37 a barrel. This puts pressure on OPEC and allies, known as OPEC+, to postpone a planned January 2021 supply boost, some analysts say.”Oil demand is currently not supportive,” said Stephen Brennock of broker PVM. “At the bare minimum, OPEC+ will have to roll over its current production levels until the end of March.”Libya is one of the OPEC members exempted from a deal by OPEC+ to curb supply.OPEC+ made a record cut of 9.7 million bpd, or 10% of global output, from May as the pandemic destroyed demand. Since August, the group has been pumping… Read full this story
- Kuwait, Iraq back OPEC+ oil supply rise plan, despite calls for more
- Oil prices rise on slow OPEC oil output increase
- Oil prices rise on slow Opec oil output increase
- OPEC+ misses target again, as some members struggle to raise oil output
- Oil prices rise on slow OPEC output increase
- OPEC and Russia will ponder oil output under pressure from Biden.
- Oil prices rise, as Saudis dismiss supply concerns as demand grows
- Oil prices rise to three-year high on back of supply deficit forecasts
- Oil rises on demand outlook, despite China fuel reserves release
- Oil prices climb on upgrade to IEA demand forecast
OPEC oil output rises more on Libya restart, Iraq-Reuters survey have 297 words, post on energy.economictimes.indiatimes.com at October 31, 2020. This is cached page on CuBird. If you want remove this page, please contact us.