- Libya, Saudi Arabia both boosted production by 80,000 b/d
- Kuwait, Iran had biggest declines in the 12-member group
OPEC crude production climbed this month, led by gains in Libya and Saudi Arabia.
Output by the Organization of Petroleum Exporting Countries rose by 74,000 barrels to 32.211 million a day this month, according to a Bloomberg survey of oil companies, producers and analysts. Last month’s total was revised 89,000 barrels higher to 32.137 million a day because of changes to the Iraqi, Ecuadorean and Emirati estimates.
OPEC has been boosting supply as it seeks to force higher-cost producers to cut output. The 12-member group agreed on June 5 to retain its collective output target of 30 million barrels a day, which it has exceeded since June 2014.
"This data shows that the battle for market share is far from over," John Kilduff, a partner at Again Capital LLC, a New York-based hedge fund that focuses on energy, said by phone. “There’s a complete lack of coordination and cooperation among the group’s members."
Saudi Arabia, OPEC’s top producer, raised output by 80,000 barrels a day to 10.38 million in October. Demand for Saudi barrels climbed because lower prices attracted customers and operations at local refineries increased.
Libyan output advanced 80,000 barrels a day to 430,000 this month. The country’s current output is about a quarter of what it was before the 2011 rebellion that ended Muammar Qaddafi’s 42-year rule.
Kuwait, OPEC’s fourth-biggest producer, reduced output by 120,000 barrels a day to 2.82 million in October. It was the biggest decline this month.
Iranian production slipped 100,000 barrels a day to 2.7 million this month. The nation agreed in July to accept limits on its nuclear work in return for access to oil and financial markets and is pushing to regain the oil sales it lost due to sanctions.