OPEC oil production rose slightly in September

Saudi Arabia and the other GCC countries maintained their production levels virtually unchanged. In other words, OPEC is still showing no willingness to withdraw oil supply from the market in a bid to shore up prices. 

According to a Reuters survey, OPEC oil production increased by 110,000 to 31.7 million barrels per day in September on the back of higher oil production in northern Iraq, notes Commerzbank.