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OPEC production rose by 930,000 barrels per day in October to 22.8 million, nearing pre-war levels and equivalent to about 88% of its members’ February output, led by Saudi Arabia. The kingdom’s output increased by 970,000 barrels per day to 9.2 million, while production in Iraq and Kuwait also rose. Iran’s output, by contrast, fell to 1.9 million barrels per day—its lowest level in Bloomberg data since 1989—as did Nigeria’s. The recovery in supply helped push oil prices lower, with Brent crude trading near $98 a barrel during the week.
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