Production falls short of planned rise despite calls for more from consumers
Singapore — Oil prices were steady on Tuesday as producer group Opec undershot its expected pace of output increases last month, while the world’s top oil consumer China ramped up operating rates to meet a spike in diesel demand.
“Crude prices still seemed poised to head higher, with some traders waiting for confirmation after both the EIA crude oil inventory shows demand for most products are headed in the right direction, while US production is stable and with Opec sticking to their gradual 400,000 barrels per day increase plan,” said Edward Moya, senior analyst at Oanda.
The increase in Opec’s oil output in October fell short of the rise planned under a deal with allies, a Reuters survey found on Monday, as involuntary outages in some smaller producers offset higher supplies from Saudi Arabia and Iraq. Meanwhile, national oil firms in China have ramped up refinery run rates, increasing its appetite for crude oil, to avert a diesel shortage in the world’s second-largest oil user.
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