Monday, 2 November 2009

OPEC oil output falls in October: Reuters survey

OPEC oil supply fell in October, the first decline since April, due to lower output from Saudi Arabia, Iraq and Nigeria, a Reuters survey showed on Monday.

Supply from the 11 members of the Organization of the Petroleum Exporting Countries bound by output targets fell to 26.38 million barrels per day (bpd) from 26.40 million bpd in September, according to the survey of oil firms, OPEC officials and analysts.

Oil prices extended an earlier gain after the survey was released. U.S. crude was up 99 cents at $77.99 as of 1057 GMT (5:57 a.m. EST).

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