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OPEC+ countries raise oil output by 490,000 bpd in October, overfulfilling the deal

Ten OPEC countries in October fulfilled the agreement by 124% of the plan, the non-OPEC countries - by 103%

MOSCOW, November 16. /TASS/. The OPEC+ countries participating in the oil cuts agreement increased production in October 2021 by 490,000 barrels per day (bpd), to 36.82 mln bpd, mainly due to Saudi Arabia and Russia, according to the November report of the International Energy Agency (IEA).

Thus, Saudi Arabia increased oil output to 9.8 mln bpd in October against 9.68 mln bpd in September. But the kingdom is still overfulfilling its oil cuts target by 1%. Russia produced 9.91 mln bpd in October (9.82 mln bpd in September), having fulfilled the terms of the deal by 92%.

Ten OPEC countries in October fulfilled the agreement by 124% of the plan, the non-OPEC countries - by 103%. Countries participating in the OPEC+ agreement met their targets of a 116% cut in October.

The OPEC+ countries are easing production restrictions adopted back in May 2020. Since August 2021, they are increasing production by 400,000 bpd per month, the plan is being adopted on a monthly basis, it is now valid through December. The OPEC+ ministers planned to fully return to the pre-pandemic level of production by September 2022.

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