Production disruptions in Iraq contributed to an overall decline in OPEC oil output during the month of October, Reuters reports.
OPEC crude production dropped by 80,000 barrels per day (b/d) last month, according to data compiled by the news agency.
Prices rallied toward the end of the month to break the $60 per barrel mark
Saudi Arabia has continued to exceed its quota of production cuts and has stated its commitment to “do whatever it takes bring global inventories down to the normal level,” according to Reuters.
Production from Iraq’s northern oil fields plunged last month after the central government seized Kirkuk from the Kurdish Regional Government (KRG). Exports from the northern region have plummeted. Last week they climbed to 300,000 b/d, half the previous export rate, Reuters reported.
Iraq has partially offset the lower northern exports by increasing exports from Basra by 200,000 b/d, according to Reuters.