Here we go...OPEC Oil Output Rises in October as Prices Tumble
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Oct 30, 2014 3:35 PM ET
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OPEC crude production rose to a 14-month high in October as oil futures sank into a
bear market, a Bloomberg survey showed.
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Production by the 12-member Organization of Petroleum Exporting Countries climbed by 53,000 barrels a day to 30.974 million, led by gains in
Iraq,
Saudi Arabia and
Libya, according to the survey of
oil companies, producers and analysts. Last month’s total was revised 14,000 barrels a day lower to 30.921 million because of changes to the Iraqi, Kuwaiti, Nigerian and Qatari estimates.
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OPEC is also seeing demand for its crude drop as U.S. crude production surges. U.S.
output rose 0.4 percent to 8.97 million barrels a day last week, the highest in weekly Energy Information Administration estimates that began in January 1983. The agency’s monthly data, which goes back to 1920 and is based on data collected by state and federal agencies, shows production at the highest since 1986