Brent Crude rises; OPEC fails in output targets

By Samantha Allen

Published: November 2, 2021 | 9:07 AM GMT

Brent crude futures rose towards $85 per barrel on Tuesday, amid reports that OPEC failed to reach output targets in October.

OPEC’s oil output rose 190,000 barrels per day in October, falling short of the 254,00 increase permitted under a supply deal as higher production from Saudi Arabia and Iraq were offset by involuntary outages in African producers Nigeria, Libya, Congo, Equatorial Guinea and Gabon, according to a Reuters survey.

Meanwhile, OPEC+ is expected to stick with a planned 400,000 barrels per day output increase in December ahead of its November 4 meeting, despite calls from big oil consumers including the US to raise production.

Elsewhere, US crude oil inventory reports from API and EIA are due for release on Tuesday and Wednesday, respectively.

Source: Trading Economics
Brent Crude rises; OPEC fails in output targets

About Samantha Allen

Samantha Allen is a seasoned journalist and senior correspondent at TDPel Media, specializing in the intersection of maternal health, clinical wellness, and public policy. With a background in investigative reporting and a passion for data-driven storytelling, Samantha has become a trusted voice for expectant mothers and healthcare advocates worldwide. Her work focuses on translating complex medical research into actionable insights, covering everything from prenatal fitness and neonatal care to the socioeconomic impacts of healthcare legislation. At TDPel Media, Samantha leads the agency's health analytics desk, ensuring that every report is grounded in accuracy, empathy, and scientific integrity. When she isn't in the newsroom, she is an advocate for community-led wellness initiatives and an avid explorer of California’s coastal trails.