Opec’s latest record breaking output underlines the huge difficulty the group faces in seeking to reach an agreement on cutting output during its next meeting on 30 November. Production gains in Iraq and Libya propelled the grouping to a record high of 33.4mn b/d in September, more than offsetting seasonal declines in Saudi Arabia.

With Nigerian gains looking likely in October, the challenge of securing an overall production cut is set to grow more daunting.

Production grew 170,000...