OPEC oil output rises more on Libya restart, Iraq - Reuters survey | Reuters

OPEC oil output rises more on Libya restart, Iraq - Reuters survey | Reuters

OPEC oil output has risen for a fourth month in October, a Reuters survey found, as a restart of more Libyan installations and higher Iraqi exports offset full adherence by other members to an OPEC-led supply cut deal.

The 13-member Organization of the Petroleum Exporting Countries has pumped 24.59 million barrels per day (bpd) on average in October, the survey found, up 210,000 bpd from September and a further boost from the three-decade low reached in June.

An increase in OPEC supply and a new hit to demand as coronavirus cases rise have weighed on oil prices, which have fallen 8% in October to near $37 a barrel. This puts pressure on OPEC and allies, known as OPEC+, to postpone a planned January 2021 supply boost, some analysts say.

“Oil demand is currently not supportive,” said Stephen Brennock of broker PVM. “At the bare minimum, OPEC+ will have to roll over its current production levels until the end of March.”

Libya is one of the OPEC members exempted from a deal by OPEC+ to curb supply.