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. U.S. sanctions targeting Iran’s oil industry were reinstated earlier this month. Related An announcement by the Trump administration on Nov. 2 that eight countries had been granted temporary waivers to continue importing Iranian oil eased global supply concerns, helping push oil prices into a bear market, whereby Brent crude prices have fallen more than 20% from their recent four-year peak […]