Reuters survey

  • Output hits 31.77 million barrels per day
  • Up 130k bpd
  • Rise led by Iraq and Saudi Arabia
  • Bad weather had delayed southern Iraq exports in Oct
  • Saudis pump 10.25m bpd vs 10.20m bpd in Oct

OPEC meets Friday and all indications are that there will be no change to production quotas, which are routinely flouted anyway.

Oil is hitting the skids, once again. It's down below $42 from a high of $42.61.