OPEC's daily oil production totals 31.38 million barrels in October

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Baku, November 13, AZERTAC

The Organization of the Petroleum Exporting Countries (OPEC) pumped 31.38 million barrels per day (bpd) last month, down 260,000 bpd from September.

OPEC said in a monthly report that, the 12-country producer group kept its forecast for world oil demand growth in 2015, predicting it will rise by 1.5 million barrels per day (mb/d) to average 92.86 mb/d, unchanged from the previous month's forecast. In 2016, world oil demand growth is seen reaching 1.25 mb/d, in line with the previous month's assessment, to average 94.14 mb/d.

Estimated demand for OPEC crude in 2015 remains at 29.6 mb/d, an increase of 600,000 barrels a day over the previous year. In 2016, demand for OPEC crude is forecast at 30.8 mb/d, around1.2 mb/d higher than in the current year and unchanged from the previous report.

Last month, crude oil production in OPEC countries Iraq, Saudi Arabia and Kuwait decreased, while it increased in Libya.

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