OPEC Boosts Output Even as New Virus Wave Sends Oil Crashing
- Output rose 470,000 barrels a day to 24.74 million in October
- Gain driven by Libya restart, plus Iraq, Nigeria backsliding
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OPEC’s effort to shore up world oil markets during the pandemic is facing a new threat -- from the group’s own rising production.
In the past few months, the resurgent coronavirus has increasingly frustrated the cartel’s attempt to defend crude prices through cutting its output. Oil futures have sunk below $40 a barrel in London to their lowest since May.