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OPEC Oct. oil output fails to hit new record

Xinhua, November 13, 2015 Adjust font size:

OPEC's oil output decreased in October, mainly due to the lower production in Iraq and Saudi Arabia, the Vienna-based cartel said on Thursday.

The Organization of the Petroleum Exporting Countries (OPEC) pumped 31.38 million barrels per day last month, compared to 31.63 million barrels per day in September, which recorded a three-year high crude output, according to its monthly report.

Iraq produced 4.01 million barrels per day in October, compared to 4.20 million barrels per day in September while Saudi Arabia, OPEC's largest producer, pumped 10.125 million barrels per day, around 72,000 barrels per day less than September.

Ahead of its December meeting, the 12-nation cartel's monthly report maintained its forecasts for global oil demand and supply growth. The report said the world oil demand growth in 2015 would rise by 1.5 million barrels per day to 92.86 million barrels per day, unchanged from the previous month's forecast.

According to the report, world oil demand growth in 2016 could rise by 1.25 million barrels per day, to average 94.14 million barrels per day, unchanged from previous report. Endit