OPEC output rebounds from lowest level this year in October: Survey

OPEC's oil production increased in October from its lowest level this year, driven by Libya's recovery of full production following the resolution of its central bank crisis, along with a boost in Venezuelan output.

Results of a Reuters poll, issued on Nov. 4, revealed that the organization produced 26.33 million barrels per day (bpd) last month, an increase of 195,000 bpd compared to September.

The survey also found that OPEC produced about 46,000 bpd above the target set by the nine member countries covered by the supply reduction agreement, due to Gabon exceeding its production quota.

Libya's production rebounded last month after the resolution of the banking crisis, which had halted a significant portion of output for two months. In addition, Venezuelan production rose to 860,000 bpd, its highest level in four years.

Meanwhile, cuts by Iraq and Iran limited a larger increase in production, as Baghdad's supplies dropped to 3.98 million bpd, below its quota of four million bpd, due to production cuts and a rise in domestic consumption.

The broader alliance, known as OPEC+, announced on Nov. 3 delaying the production increase that was scheduled to take effect in December by an additional month, due to weak demand from China.