The oil production by the countries of the Organization of Petroleum Exporting Countries (OPEC) increased by 210,000 barrels per day (bpd) in October, Reuters reported. The increase in production in Libya and Iraq stands out.
OPEC states complied with 101% of cuts agreed between OPEC and allies (OPEC +) during October. The United Arab Emirates (UAE) saw the largest drop in supply, reducing by 100,000 bpd, offsetting production above quota in August. Saudi Arabia held steady at 9 million bpd.
Oil is trading slightly lower on Friday and validating weekly losses, affected by the deterioration in investor sentiment in stock markets throughout the world. The increase in restrictions on activities in Europe due to the increase in coronavirus infections would push down the demand for oil.
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Credits: Forex Street
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