OPEC Oil Production Fell In October As Members Missed Targets

OPEC’s crude oil production dropped by 210,000 barrels per day (bpd) in October compared to the previous month after the cartel and the wider OPEC+ group reversed the small output increase in September. The crude oil production of all 13 OPEC members, including those exempt from the OPEC+ pact - Venezuela, Iran, and Libya - averaged 29.49 million bpd in October, according to secondary sources in the organization’s closely-watched Monthly Oil Market Report (MOMR) published on Monday. Saudi Arabia, the de facto leader of OPEC and its…