OPEC Lifts October Production Ahead of Planned Production Hikes

OPEC's production increased by 370,000 barrels per day in October, a new Bloomberg survey has found.

’s production increased by 370,000 barrels per day in October, a new Bloomberg survey has found.

to raise its production to nearly 30 million barrels daily, even as Iraq, Iran, and Saudi Arabia lowered their output. The backdrop of the group’s production boost is a murky market landscape Brent crude oil prices have dropped nearly 19% since early April, falling to below $74 per barrel, driven by demand fears in China and production from

nations may find it difficult—or impossible--to cover government spending, even for key players like Saudi Arabia, which has been strategically cutting production to support prices and pushing other members to stick with the plan. to increase production even more Many delegates suggest that proceeding with scheduled hikes could intensify market oversupply issues, keeping prices uncomfortably low for many members.

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