Mubasher: Production by the Organization of the Petroleum Exporting Countries (OPEC) declined by around 151,000 barrels in October, compared to the previous month.

OPEC members’ production reached 32.59 million barrels per day (bpd), decreasing by 150,900 barrels.

Iraq and Nigeria accounted for the biggest share in the production cut, with Iraq contributing 131,000 barrels per day, followed by Nigeria with 54,400 barrels, Venezuela with 43,600 barrels, and Algeria with 38,400 barrels.

On the other hand, Angola led the countries with a rise in production with an increase of 69,800 barrels per day, followed by Libya with 42,300 barrel.

Saudi Arabia increased its production by 16,900 barrels to a total of 10 million barrels a day.

OPEC along with Russia and other major non-OPEC producers agreed to cut output by around 1.8 million barrels per day from 1 January 2017 until March 2018.

A summit will be held in Vienna on 30 November to decide on the output policy.

OPEC officials have said the supply-cutting pact is likely to be extended beyond March.

Compliance with the agreed production cuts reached 120% in September.

A recent report by OPEC noted that US shale oil production is rising in a pace exceeding expectations for the upcoming four years, in what could put more pressure on crude prices, amidst concerns of a market oversupply.