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OPEC Output Increased 30kbpd in October: Bloomberg survey

OIL

OPEC crude production increased by 30kbpd to 29.98mbpd in October according to a Bloomberg survey.

  • The OPEC+ target product level was cut by 100kbpd for the month but underproduction by many members meant that very few had to make actual cuts. Overall production was still approximately 1mbpd below target in October.
  • Saudi Arabia cut production slightly to 11mbpd compared to a target of 11.004mbpd for the month.
  • Kuwait, Angola, Congo, and Equatorial Guinea also cut production according to the survey. Iraq, Nigeria, and UAE all increase output during the month.
Energy BulletsCommodities
Energy BulletsCommodities

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