OPEC production holding steady

Nov. 5, 2013 at 8:00 AM

VIENNA, Nov. 5 (UPI) -- Some members of the OPEC cartel saw their production levels decline but overall production has been relatively static, a brief from CPI Financial said.

CPI reported Tuesday Kuwait and the United Arab Emirates saw crude oil production levels decline in October by 150,000 barrels of oil per day and 100,000 barrels of oil per day, respectively.

The report said total oil output for members of the Organization of Petroleum Exporting Countries was static in October at 30.6 million bpd. CPI said Saudi Arabia's output was level at 10 million bpd while Iraq erased a September decline with an October production increase of 280,000 bpd.

OPEC publishes its monthly market report Nov. 12.

The cartel, in its October monthly market report, said world oil demand for 2013 should average 89.7 million barrels per day, unchanged from the previous month's report but 800,000 bpd higher than last year.

In terms of the global economy, it said it expected a growth rate of 3.5 percent for next year.

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