Mubasher: Oil output from member states of the Organization of the Petroleum Exporting Countries (OPEC) climbed last October, led by increases from Saudi Arabia, the UAE, and Venezuela.

The 14-member group’s crude production averaged 29.65 million barrels per day (bpd), edging up by 943,000 bpd, the producer club said in its closely watched monthly oil market report (OMR), which is based on independent sources.

Saudi Arabia, the world’s biggest oil exporter, saw its production rising by 1.174 million bpd to 10.303 million last October, while the UAE pumped 23,000 bpd more during the month, with overall output of 3.106 million bpd.
In Venezuela, oil output totalled 687,000 bpd in October, climbing by 42,000 bpd month-on-month.

Some OPEC producers recorded an output drop, led by Ecuador, which is due to leave the group as from 1 January next year.

By 2:13 am GMT, US Nymex crude futures climbed by 0.81% to $57.58 per barrel (pb), while global benchmark Brent futures jumped by 0.91% to $62.94 pb.