Drillers well In its latest monthly oil production update, OPEC reported that its crude oil output increased by another 240,000 barrels a day in October to 33.64 million barrels a day , a new record high, with Nigeria, Libya and Iraq driving the supply boost and with total production about 1 million barrels higher than the plateau agreed upon in Algiers at the end of September. (Click to enlarge) As a result of OPEC’s relentless increase in total output, the cuts OPEC would need to enforce to reach the Algiers output target just get bigger and bigger… (Click to enlarge) … most of it is as a result of soaring Iranian oil exports – by roughly 1 million bpd – since the easing of sanctions by the Obama administration: (Click to enlarge) It is also the reason why oil has continued to slide in recent weeks, as the upcoming […]