This puts pressure on OPEC and allies, known as OPEC+, to postpone a planned January 2021 supply boost, some analysts say. OPEC+ made a record cut of 9.7 million bpd, or 10 percent of global output, from May as the pandemic destroyed demand. Since August, the group has been pumping more as the cut tapered down to 7.7 million bpd, of which OPEC’s share is 4.868 million bpd. October’s increase means OPEC is pumping about 2.2 million bpd more than June’s figure, which was the lowest since 1991. Venezuela, the third OPEC member exempt from the supply cut, also posted a decline.

Source: Libya Today October 31, 2020 01:52 UTC