by Irina Slav
Various OPEC members have been busy looking for ways to get all members of the cartel to agree to a production cut, but outside the spotlight, as it turns out, they have been pumping ever-growing amounts of crude.
According to the IEA’s latest Oil Market Report released today, OPEC produced 230,000 bpd more in October, hitting yet another record with a total daily production of 33.83 million barrels. This, according to the authority, will make the task of cutting production more challenging than previously thought.
The proposed band for production that was hoped would help the market return to balance is 32.5-33 million bpd.
The challenge becomes nearly insurmountable in light of the OPEC members that caused the rise.