Oil prices fell on Friday upon global concern about the oil production.

The Organization of the Petroleum Exporting Countries reported a surge in its oil production in October to a record high, pointing to an even larger flow on the market next year.

This surplus is led by members of the OPEC in a hope to be exempt from the producer group’s plan to cut supply.

The OPEC pumped 33.64 million barrels per day last month, up 240,000 bpd from September, OPEC said in a monthly report.

Oil prices slipped below $45 a barrel after the report was released, after reaching a 2016 high near $54 when OPEC announced its deal to curb supplies in September.

U.S. West Texas Intermediate futures were down by 84 cents to $43.82 a barrel.

The International Energy Agency said the supply overhang could run into a third year in 2017, should OPEC fail to act.

Analysts in the market say that the persistent oversupply seen throughout 2016 will carry on into 2017.

In its monthly oil market report, the IEA said global supply rose by 800,000 bpd in October to 97.8 million bpd, led by record OPEC output and rising production from non-OPEC members such as Russia, Brazil, Canada and Kazakhstan.

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