Reuters
OPEC oil output rise in October undershoots target - survey
The increase in OPEC's oil output in October fell short of the rise planned under a deal with allies, a Reuters survey found on Monday, as involuntary outages in some smaller producers offset higher supplies from Saudi Arabia and Iraq. The Organization of the Petroleum Exporting Countries (OPEC) pumped 27.50 million barrels per day (bpd) in October, the survey found, a rise of 190,000 bpd from the previous month but below the 254,000 increase permitted under the supply deal. OPEC states and their allies, a grouping known as OPEC+, are relaxing output cuts made in 2020 as demand recovers from the coronavirus pandemic, although some members are not delivering the full boosts promised due to a lack of capacity.
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