OPEC ramps up production in October, Brent futures skid lower

The world’s largest oil producers of ramped up their output in October, hitting hopes for a joint -agreement to prop up prices.

In its monthly report for November, the Organisation of the Petroleum Exporting Countries said production by its fourteen members increased by 240,000 barrels a day in October, reaching an average of 33.64m b/d.

News arrived as energy ministers from OPEC’s member countries were scheduled to meet in Vienna, Austria on 30 November to marginally reduce their combined output levels.

Several countries including Iran, Libya and Nigeria had already been exempted from the requirement that they contribute to a cut, but over recent weeks Iraq had also asked to be exempted and Russia’s, who is outside OPEC, appeared to be dragging to its feet.

OPEC stuck to its forecast for world oil demand to grow by 1.15m b/d in 2017 and to average 95.55m b/d.

As of 1249 GMT front month Brent crude oil futures were down by 1.43% to $44.03 per barrel on the ICE.