Crude production rebounds in October

Global oil production rose to 90.9 million barrels a day in October

Global oil production rose by 800,000 barrels a day (b/d) in October to 90.9 million b/d as increased output from the Americas and the North Sea offset a decline from Opec. Non-Opec production rebounded in October as output, which had been disrupted by seasonal maintenance and Hurricane Sandy, came back online. Non-Opec production increased by 840,000 b/d in October, according to International Energy Agency (IEA) data, reaching 53.4m b/d. This is expected to increase by a further 860,000 b/d next year to 54.1m b/d. However, crude output from Opec producers fell by 30,000 b/d to a nine-month low of 31.2m b/d. The cartel’s production quota has been lowered by 500,000 b/d for the fourth quarter