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OPEC Decreases Oil Output in October

OPEC's crude oil production decreased by 151 thousand barrels per day (b/d) to 32.59 million b/d in October, according to the organization's report on Monday.

In October, output in non-OPEC countries increased to 64.12 million barrels per day (mb/d), up by 680 thousand b/d from September levels.

With the increase in non-OPEC output, global oil supply rose by 530 thousand b/d to average 96.71 mb/d in October.

"The share of OPEC crude oil in total global production fell slightly by 0.3 percentage points to total 33.7 percent in October, compared with 34 percent in the previous month," OPEC said.

According to the organization, crude oil output increased the most in Angola, Libya and Saudi Arabia while production showed declines in Iraq, Nigeria and Venezuela.

Angola raised its production level by 69.8 thousand b/d, while output in Libya increased by 42.3 thousand b/d. Production struggled in Iraq and dropped by 131 thousand b/d to 4.48 thousand barrels per day.

World oil demand growth is expected to rise by 1.53 mb/d in 2017 after an upward adjustment of 74 thousand b/d to account for the better-than-expected performance of China in the third quarter this year.

In 2018, world oil demand is forecast to reach 1.51 mb/d, around 130 thousand b/d higher than in the previous assessment.

(Anadolu Agency)

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