OPEC Lifts October Production Ahead of Planned Production Hikes

OPEC’s production increased by 370,000 barrels per day in October, a new Bloomberg survey has found. OPEC’s October production increase—thanks to Libya’s political resolution and its resultant 500,000 barrel-per-day output boost—adds another layer of complexity to the group’s ongoing struggle to manage global oil markets. Libya’s output recovery led OPEC to raise its production to nearly 30 million barrels daily, even as Iraq, Iran, and Saudi Arabia lowered their output. The backdrop of the group’s…