OPEC oil output rose last month as Libya restored output that had been disrupted during a brief political crisis.
Supplies from the Organization of the Petroleum Exporting Countries rose by 370,000 barrels a day to 29.9 million barrels a day in October, according to a Bloomberg survey. The gains were capped by cuts in shipments from Iraq, Saudi Arabia and Iran.
Libya increased output by 500,000 barrels a day to 1.03 million barrels a day after authorities in the east of the country reopened oil fields and export terminals that had been shut in a dispute with the Tripoli-based government over control of the central bank.
Iraq, meanwhile, posted the second-biggest supply change among OPEC members, cutting output by 90,000 barrels a day to 4.13 million barrels a day, making late progress in meeting its share of cuts agreed at the start of the year. Baghdad’s output remained above its daily quota of 4 million barrels.
