Output from Russia. Cartel Offsets Loss from Iranian Sanctions

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OPEC and Russian crude production continued to climb in October. more than offsetting losses from Iran where U.S. sanctions have curbed output. the oil cartel said on Tuesday.

Crude production from members of the Organization of the Petroleum Exporting Countries rose by 127.000 barrels a day in October. to average 32.9 million barrels a day. the group said in its monthly report.

Gains mostly came from the UAE and Saudi Arabia. and were supported by OPEC ally Russia’s 50.000 barrels-a-day increase last month. to average 11.6 million barrels a day—a post-Soviet record.

Meanwhile. production in OPEC’s third largest member Iran continued to decline. falling 156.000 barrels a day in October to 3.296 million barrels a day. the report said. Since the U.S. announced in May its withdrawal from the international agreement which had eased sanctions on Iran in return for curbs to its nuclear program. the country’s production has been falling.