OPEC oil production reaches eight-year high

OPEC has reported an increase in its oil production for September to the highest in at least eight years and has raised its forecast for 2017 non-OPEC supply growth, pointing to a larger surplus next year despite the group’s deal to cut output.

OPEC countries pumped 33.39 million barrels per day last month, according to figures Opec collects from secondary sources, up 220,000 barrels from August, the organisation said in a monthly report yesterday.

The figures underline Opec’s challenge in seeking to restrain supplies for the first time since 2008 to curb a persistent supply glut and prop up prices.