ECONOMY


OPEC's oil production fell in October

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Baku, November 5, AZERTAC

OPEC oil output has fallen in October from the previous month, a Reuter's survey found on Friday, as declines in top producers Saudi Arabia and Iraq outweighed higher supply from African members. But the Organization of the Petroleum Exporting Countries is still pumping close to a record high as major producers focus on defending market share.

OPEC supply has fallen in October to 31.64 million barrels per day (bpd) from a revised 31.76 million in September, according to the survey, based on shipping data and information from sources at oil companies, OPEC and consultants.

Even so, OPEC has boosted production by almost 1.5 million bpd since the November 2014 switch to defending market share.

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