The OPEC monthly report is out and says that
Preliminary figures indicate that global oil supply increased 0.87 mb/d in October toHowever, it's worth noting that last month they said
average 88.35 mb/d. Non-OPEC supply experienced growth of 0.86 mb/d, while OPEC
crude production remained relatively flat.
Preliminary figures show that global oil supply averaged 88.50 mb/d in September, aSo in other words although they now show production increasing from September to October, they revised down September by more than the inter-month gain, thus coming up with a final number that is a little less than last month's number.
gain of 0.76 mb/d from the previous month, supported by estimated increases in non-OPEC supply.
Still I suppose we'd have to say that global oil production still seems to be on an uptrend. The IEA will report tomorrow, so we can potentially revise our opinions then.