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OPEC+ Crude Production Steady Before Meeting: Argus

OIL

OPEC+ production among the 19 members subject to quotas was up 70k b/d on the month in October to 36.27m b/d, according to estimates by Argus.

  • This remains 0.65m b/d below the collective monthly target, including factoring in additional voluntary cuts by Saudi Arabia.
  • Saudi exports were at their highest level since June, while Russian crude exports were up 160k b/d to 4.69m b/d, Argus said.
  • Regarding output from country’s not subject to quotas, Iran’s output was down 50k b/d and Libya’s down 30k b/d to 1.17m b/d. output for Venezuela is likely to rise following sanction relief, although is hampered by faltering infrastructure.
  • Argus’ estimate is lower than that of Platts, which expects OPEC+ crude oil output to have risen by 180k b/d month on month in October to 42.71m b/d.
Energy BulletsCommodities
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