Global oil output hit new record
The International Energy Agency (IEA) says global oil production climbed higher in October - even after Organization of Petroleum Exporting Countries (OPEC) pledged to curb output in hopes of driving up prices.
The IEA said in its monthly oil report on 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 finalise the deal in Vienna this month.
Brent crude, the international standard, traded at US$46.48 a barrel on Thursday. At midmorning in New York, Benchmark US crude was down 66 cents, or 1.5 per cent, at US$44.61 a barrel.