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OPEC Output Steady in October: Bloomberg Survey

OIL

OPEC output was likely steady in October, as increases from African members countering declines from others, according to a Bloomberg survey.

  • OPEC pumped an average of 28.08m b/d in October, up 50k b/d on the month.
  • The gains were led by Nigeria, Congo, Gabon, Angola, and Equatorial Guinea. Nigeria boosted output by 60k b/d to 1.49m b/d in October.
  • Bloomberg’s tanker tracking estimated that Russia’s oil shipments rose by 110k b/d to 3.64m b/d in the week to Oct. 29

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