Thank you for reading the news about OPEC oil output rises more on Libya restart, says survey and now with the detailsJeddah - Yasmine El Tohamy - LONDON: 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. 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. The survey found output increased by 250,000 bpd in October, a faster rebound than some analysts and OPEC officials expected.

Source: Libya Today October 31, 2020 02:21 UTC