Crude oil prices fluctuated in response to prognostications of what an assortment of oil ministers meeting under OPEC's auspices in Vienna on October 28 and 29 might or might not do over oil production in an effort to raise oil prices. The main effect on oil prices came from the anticipation of what might happen rather than the event itself. In the first ten days of October, Brent prompt futures climbed by $2.25-$53.14/bbl before gradually easing as the expectations of significant cuts in output began to wane. In the end, ministers from OPEC and non-OPEC countries, including Russia, Mexico, and Oman, did reach agreement: to hold another meeting on the same subject in Vienna in November. Brent futures duly continued their downward journey, ending the month $4.84 below the months high, at $48.30/bbl. Meanwhile, output from Libya, Nigeria, and Iran increased, and Iraq reaffirmed its intention to increase its production by 8% to 5 mn bpd by the end of 2016.
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