They were supposed to cut production, at least that's what OPEC told the GLOBAL TV Stations.
On the ground though, production has GONE up. And this is KILLING oil prices.
Read it all BELOW :
Oil futures declined Thursday after data showed that production from members of the Organization of the Petroleum Exporting Countries (OPEC) rose to a record in October, just weeks ahead of the group’s meeting to complete a plan to curtain output.
The findings in the monthly oil-market report from the International Energy Agency underscored the challenge OPEC will have in hammering out its output plan at the summit later this month.
December West Texas Intermediate crude CLZ6-0.97% fell 47 cents, or 1% to $44.80 a barrel on the New York Mercantile Exchange, after settling with 0.6% gain on Wednesday.
January Brent crude UK:LCOF7-0.82% on London’s ICE Futures exchange edged down by 32 cents, or 0.7%, to $46.04 a barrel.
OPEC’s oil production rose by 230,000 barrels a day to a record high of 33.83 million barrels a day in October, the IEA said in its closely watched report, released Thursday.
That level of output is far above the ceiling range of 32.5 million to 33 million barrels a day OPEC is aiming for in its proposal.
