"OPEC crude output rose by 230 kb/d [killobarrels per day] to a record 33.83 mb/d [million barrels per day] in October after production recovered in Nigeria and Libya and supply from Iraq reached the highest level ever. Iran pushed flows to a pre-sanctions rate of 3.72 mb/d, while Saudi Arabia, the UAE and Kuwait continued to pump near — or at — all-time highs," the report read.
According to the IEA, the overall OPEC output stood nearly 1.3 million barrels per day above a year ago.
"As of October, overall OPEC output had risen for five straight months, led by major additions in Iraq and Saudi Arabia (supply from each is up about 300 kb/d over the period)," the report said.
The IEA report was issued ahead of the OPEC summit in Vienna scheduled for November 30.
On September 28, OPEC member states agreed on cutting its oil production to 32.5-33 million barrels per day for the whole cartel, however, no exact limits for each country have been placed. The OPEC countries are set to finalize the agreement on oil output freeze at the OPEC meeting in Vienna.
