Mubasher: The Organization of Petroleum Exporting Countries (OPEC) raised its oil production in October, led by the UAE and Saudi Arabia, while Iranian output continued to plunge.

OPEC crude production climbed 127,000 barrels per day (bpd) in October to a total of 32.90 million bpd, according to outside figures gathered by the group.

The UAE pumped further 142,000 bpd, with a total of 3.160 million bpd, while Saudi Arabia ramped up its production by 127,000 bpd to 10.63 million bpd, OPEC said in its monthly Oil Market Report (OMR).

Meanwhile, supplies from Iran, third largest OPEC member continued to tumble, falling by 156,000 bpd in October to 3.296 million.

It is worth noting that the US re-instated sanctions against Iran’s oil exports, whereas granting sanction waivers eight countries temporarily.

Since the US withdrew the 2015 nuclear accord with Iran last May, the oil-rich nation’s production has been declining.

Moreover, Venezuelan oil production dipped 40,000 bpd to 1.17 million bpd.

By 12:46 pm GMT, US Nymex crude futures dropped 1.92% to $58.78 per barrel (pb), while Brent futures fell 1.67% to $68.95 pb.