Top oil exporter Saudi Arabia told OPEC it kept its oil production in October little changed, adding to signs it has yet to respond to a drop in prices to a four-year low by trimming output.
In a monthly report issued on Wednesday, the Organization of the Petroleum Exporting Countries (OPEC) also published forecasts indicating demand for the group’s oil will drop to 29.20 million barrels per day (bpd) next year — almost one million bpd less than it is currently producing.
The report said Saudi Arabia reported October production to OPEC of 9.69 million bpd, little changed from 9.704 million in September.
This is the last monthly report before OPEC oil ministers meet in Vienna on Nov. 27 to discuss whether to respond to the drop in prices by cutting output for the first time since the financial crisis in 2008.
OPEC also kept its main global oil demand and supply forecasts for 2014 and 2015 unchanged.