The Organization of the Petroleum Exporting Countries (OPEC) released its monthly report on Thursday. OPEC said that oil output in October totalled 31.38 million barrels per day (bpd), down 256,000 bpd from September. It was the first fall since March.

"The recent decline in oil prices has encouraged additional oil demand. It has also provided a challenging market environment for some higher-cost crude oil production, which has already shown a slowdown," OPEC said.

OPEC expects that non-OPEC members will cut their output by about 130,000 bpd next year, after a rise by 720,000 bpd this year.

OPEC's oil demand forecasts remained unchanged. OPEC expects that demand for its oil will rise by 1.2 million bpd in 2016 to average 30.8 million bpd.