OPEC oil output rises more on Libya restart, Iraq: Survey

LONDON, Nov 01 (Reuters): OPEC oil output has risen for a fourth month in October, a Reuters survey found, as a restart of more Libyan installations and higher Iraqi exports offset full adherence by other members to an OPEC-led supply cut deal.

The 13-member Organisation of the Petroleum Exporting Countries (OPEC) has pumped 24.59 million barrels per day (bpd) on average in October, the survey found, up 210,000 bpd from September and a further boost from the three-decade low reached in June.

An increase in OPEC supply and a new hit to demand as coronavirus cases rise have weighed on oil prices, which have fallen 8 per cent in October to near $37 a barrel. This puts pressure on OPEC and allies, known as OPEC+, to postpone a planned January 2021 supply boost, some analysts say.

"Oil demand is currently not supportive," said Stephen Brennock of broker PVM. "At the bare minimum, OPEC+ will have to roll over its current production levels until the end of March."

Libya is one of the OPEC members exempted from a deal by OPEC+ to curb supply. OPEC+ made a record cut of 9.7 million bpd, or 10 per cent of global output, from May as the pandemic destroyed demand. Since August, the group has been pumping more as the cut tapered down to 7.7 million bpd, of which OPEC's share is 4.868 million bpd.

Another 2.0 million bpd increase is scheduled in January, although Saudi Arabia and Russia are in favour of continuing with the current cuts, OPEC sources said.