Mubasher: The Organisation of Petroleum Exporting Countries (OPEC) on Wednesday revealed that its members raised production in September, amid expectations that non-members would raise production next year.
The monthly report showed that OPEC-members produced 33.39 million barrels per day in September, an increase of 220,000 barrels per day (bpd).
OPEC expected oil demand from its members to reach 32.59 million bpd in 2017, resulting in an oversupply of 800,000 bpd should the organisation maintain production levels.
Non-OPEC members are expected to raise production next year by 240,000 bpd, which is 40,000 bpd more than its previous expectations, according to the report.
