OPEC points to even bigger 2017 oil surplus as its output jumps

LONDON: OPEC on Friday reported an increase in its oil production in October to another record high despite its plan to cut output, pointing to an even larger surplus on the market next year.

The Organization of the Petroleum Exporting Countries pumped 33.64 million barrels per day (bpd) last month, according to figures OPEC collects from secondary sources, up 240,000 bpd from September, OPEC said in a monthly report.

At a meeting in Algeria on Sept. 28, OPEC agreed to cut supply to between 32.50 million bpd and 33.0 million bpd.

The October OPEC figure is the highest since at least 2008, according to a Reuters review of past OPEC reports.