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In
this Feb. 25, 2015 photo, shows a pump jack for pulling oil from the ground,
near New Town, N.D. On Tuesday, Nov. 8, 2016, the Energy Department said it is
raising its forecast of U.S. production for both 2016 and 2017, as drillers
respond to higher crude prices. Still, output won’t match 2015, which was the
biggest year for U.S. production in 35 years. (AP Photo/Matthew Brown)
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The International Energy
Agency says global oil production climbed higher in October — even after OPEC
pledged to curb output in hopes of driving up prices.
Associated
Press report continues:
The
IEA said in its monthly oil report Thursday that revived production in Iraq,
Libya and Nigeria pushed OPEC production to a record level of 33.83 million
barrels a day. That offset a production drop by non-OPEC members.
Meanwhile,
demand for oil in leading countries is shrinking amid an economic slowdown.
Low crude prices have helped consumers but damaged oil-dependent economies. So OPEC members promised in September to cut production to between 32.5 million and 33 million barrels a day. They are meant to finalize the deal in Vienna this month.
Brent crude, the international standard, traded at US$46.48 a barrel Thursday.
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