The Organization of the Petroleum Exporting Countries said its collective production fell sharply in October, closing the gap between what the cartel sets as its official target and what it actually pumps.  Despite the drop, oil prices continued to slide early Wednesday–suggesting market participants weren’t interpreting the output fall as a policy shift inside the group. OPEC has struggled to reach agreement among members over how to respond to weakening prices.  Putting fresh pressure on prices, Libyan officials also confirmed Wednesday that the country’s largest field, knocked out of commission last week by a militant attack, was back online.  OPEC said in its monthly oil-markets report Wednesday that its collective crude production declined by 226,400 barrels a day, to 30.25 million barrels a day, in October. The drop was largely driven by lower Saudi crude output, which OPEC said fell by about 69,900 barrels a day, to 9.6 million barrels a day.

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