Economics
OPEC Output Climbs to Highest Since 2016 on Saudi and Libyan Gains
- Group boosts supply by 430k b/d to 33.33m b/d, survey shows
- Saudis pump record 10.68m b/d; Libya at highest since 2013
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OPEC’s crude production climbed to the highest level since 2016 as increases by Saudi Arabia and Libya offset losses stemming from impending U.S. sanctions on Iran.
The group’s 15 members boosted output by 430,000 barrels a day to 33.33 million a day in October, according to a Bloomberg survey of officials, analysts and ship-tracking data. That’s the highest since November 2016, just before the Organization of Petroleum Exporting Countries implemented production cuts to clear a global glut.