Global oil output hit new record pending promised OPEC cuts
{{#rendered}} {{/rendered}}FILE - This Feb. 25, 2015, file photo, shows a pump jack for pulling oil from the ground, near New Town, N.D. On Tuesday, Nov. 8, 2016, the Energy Department said it is raising its forecast of U.S. production for both 2016 and 2017, as drillers respond to higher crude prices. Still, output won’t match 2015, which was the biggest year for U.S. production in 35 years. (AP Photo/Matthew Brown, File) (The Associated Press)
The International Energy Agency says global oil production climbed higher in October — even after OPEC pledged to curb output in hopes of driving up prices.
The IEA said in its monthly oil report Thursday that revived production in Iraq, Libya and Nigeria pushed OPEC production to a record level of 33.83 million barrels a day. That offset a production drop by non-OPEC members.
Meanwhile, demand for oil in leading countries is shrinking amid an economic slowdown.
{{#rendered}} {{/rendered}}Low crude prices have helped consumers but damaged oil-dependent economies. So OPEC members promised in September to cut production to between 32.5 million and 33 million barrels a day. They are meant to finalize the deal in Vienna this month.
Brent crude, the international standard, traded at $46.48 a barrel Thursday.