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Oil Prices Fall as IEA Reports Record OPEC Production

Oil prices fell Thursday after the International Energy Agency reported record production from Organization of the Petroleum Exporting Countries members and subdued expectations for demand growth.

U.S. crude for December delivery recently fell 15 cents, or 0.3%, to $45.12 a barrel on the New York Mercantile Exchange. Brent, the global benchmark, fell 1 cent, or 0.02%, to $46.35 a barrel on ICE Futures Europe.

The IEA’s monthly report showed OPEC members pumped a record 33.83 million barrels a day in October, making the scale of the output cut needed to stabilize prices being discussed by the group’s members later this month look increasingly challenging.

“The IEA didn’t change its forecast in terms of global oil demand, so the growth outlook is fairly lackluster,” said Harry Tchilinguirian, head of commodity strategy at BNP Paribas SA. “That means that the issue of excess supply that permeates markets currently is going to extend into next year.”

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