November 11, 2022 15:29 GMT
OPEC+ October Output Edged Lower: Argus
OPEC+ crude production edged lower for a second consecutive month in October, after the group agreed a small 100kb/d reduction in production for the month, the Argus survey shows.
- The 10 OPEC members with quotas produced 25.29mb/d in October down by 80kb/d from September.
- Output from Nigeria and Iraq rose but production from Saudi Arabia, the UAE, Kuwait and most of West African declined.
- Many countries are falling short of their quotas owing to lack of investment, sabotage, sanctions and ageing oil fields. OPEC output in October was 1.4mb/d below the target and OPEC+ was 3.6mb/d below.
- The OPEC+ group has agreed a supply cut of 2mb/d from November, reflecting concerns about the effects of an inflation-driven economic slowdown on global oil demand. Saudi Arabia’s Energy minister said on Friday: “OPEC+ will remain cautious on production.”