Opec said its oil output fell in October and forecast supply from rival producers next year would decline for the first time since 2007 as low prices prompt investment cuts, reducing a global supply glut.

In a monthly report, the Organization of the Petroleum Exporting Countries said it pumped 31.38 million bpd in October, down 256,000 bpd from September, while forecasting supply outside Opec next year would decline.

Opec expects non-Opec supply next year to fall by about 130,000 bpd, following growth of 720,000 bpd this year, "as nearly $200 billion of capex cutbacks this year and next create a gaping supply hole".

In the report Opec left its key 2016 world demand forecasts unchanged, predicting the world would need 30.82 million bpd from the group and that global demand would grow by 1.25 million bpd. - Reuters