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OPEC output peaked in October

OPEC

The Organisation of Petroleum Exporting Countries (OPEC) got record output last month, a Reuters survey found, as higher supplies led by the United Arab Emirates and Libya offset a cut in Iranian shipments due to United States sanctions.

The 15-member cartel pumped 33.31 million barrels daily in the month under review, up by 390,000 barrels per day from September and the highest by the group since December 2016.

OPEC agreed in June to pump more oil after pressure from U.S. President, Donald Trump, to curb rising prices and make up for an expected shortfall in Iranian exports.

Oil hit a four-year high of $86.74 a barrel on October 3 but has since eased to $76 as concerns over tight output faded.

Source: G Business

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