OPEC Oil Output Rises for Sixth Straight Month
OPEC's oil output increased for the sixth consecutive month in October, rising to 29.41 million barrels per day (bpd) from 29.17 million bpd the previous month, the Middle East Economic Survey (MEES) reported Monday.
Output by the OPEC members, excluding sanctions-hit Iraq which is exempted from the cartel's quota system, amounted last month to 26.45 million bpd, or 250,000 bpd in excess of October's quota for the 10 producers, it said.
The Nicosia-based industry newsletter said that Iraq's production in October, meanwhile, rose to 2.96 million bpd compared to 2.81 million bpd the month before. Exports under the UN oil-for-food program increased to 2.36 million bpd, it said.
Iran's output fell to 3.81 million bpd, including 2.41 million bpd in exports, from 3.90 million bpd in September, according to the MEES estimates -- NICOSIA (AFP)
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