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OPEC Oil Output Rises in October: Reuters

OIL

OPEC oil output rose for the third straight months in October, according to a Reuters survey Oct. 31.

  • OPEC pumped 27.9m b/d in October, the survey found, up 180k b/d in September.
  • The increase was driven by raised output from Nigeria and Angola and despite continued output cuts from Saudi Arabia.
  • Output from the ten OPEC members bound by the OPEC+ supply cut agreements increased by 150k b/d, Reuters said. Saudi Arabia and the Gulf members showed strong compliance with the cuts.
  • Production had fallen from February to July but has risen every month since August.
Energy BulletsCommodities
Energy BulletsCommodities

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