Global oil output hit new record pending promised OPEC cuts

By The Associated Press

 

PARIS (AP) — The International Energy Agency says global oil production climbed higher in October — even after OPEC pledged to curb output in hopes of driving up prices.

The IEA said in its monthly oil report Thursday that revived production in Iraq, Libya and Nigeria pushed OPEC production to a record level of 33.83 million barrels a day. That offset a production drop by non-OPEC members.

Meanwhile, demand for oil in leading countries is shrinking amid an economic slowdown.

Low crude prices have helped consumers but damaged oil-dependent economies. So OPEC members promised in September to cut production to between 32.5 million and 33 million barrels a day. They are meant to finalize the deal in Vienna this month.

Brent crude, the international standard, traded at $46.48 a barrel Thursday.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Revolutionizing Asset Management in the Electric Power Industry

With the arrival of the Industrial Internet of Things, data is growing and becoming more accessib...

Shell Leverages Data to Transform from Reactive to Predictive Operations

This 6-page report describes how Shell engaged in a massive project with OSIsoft to transform the...

Selection, Use, Care and Maintenance of FR Clothing

For industries operating in an inherently dangerous environment, the importance of selecting the ...

Evolution or Revolution: IT / OT convergence means a world of possibilities

The oil and gas industry is experiencing a rapid paradigm shift in regards to digital transformat...

Latest PennEnergy Jobs

PennEnergy Oil & Gas Jobs