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The Organization of the Petroleum Exporting Countries’ (OPEC) oil output increased by 210,000 barrels per day (bpd) in October with Libya and Iraq ramping up production, a Reuters survey showed on Friday.

Additional takeaways

“OPEC states bound by OPEC+ cuts comply with 101% of pledged reductions in October, steady vs September.”

“United Arab Emirates (UAE) posts OPEC’s biggest supply drop of 100,000 bpd as it compensates for above-quota output in August.”

“Saudi Arabia keeps oil supply steady in October at 9 million bpd.”

Market reaction

Crude oil prices edged lower after this report and the barrel of West Texas Intermediate was last seen losing 1.66% on the day at $35.48.