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OPEC Output Steady Last Month After Group Pledged Symbolic Cut

  • Production increased by 30,000 b/d to 29.98 million b/d
  • Cartel plans to make deeper supply reduction this month

OPEC’s crude production held steady last month after the group pledged a symbolic cutback to stabilize market sentiment.

The Organization of Petroleum Exporting Countries increased daily output by 30,000 barrels to 29.98 million barrels in October, according to a Bloomberg survey.