InternationalMoney and BusinessNationalnews

OPEC output climbs to highest since 2016 on Saudi and Libyan gains

The Address | Benghazi – Libya

BENGHAZI – OPEC’s crude production climbed to the highest level since 2016 as increases by Saudi Arabia and Libya offset losses stemming from impending U.S. sanctions on Iran, Bloomberg reported.

The group’s 15 members boosted output by 430,000 barrels a day to 33.33 million a day in October, according to a Bloomberg survey of officials, analysts and ship-tracking data. That’s the highest since November 2016, just before the Organization of Petroleum Exporting Countries implemented production cuts to clear a global glut.

A large gain was seen last month in Libya, which has recovered from terrorist attacks to reach the highest output level since 2013. The North African nation increased by 170,000 barrels a day to 1.22 million a day.

Tags

Related Articles

Close