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OPEC countries reduce oil output by 225,000 bpd in October as part of OPEC+ deal

Concurrently, the volume of oil production from all OPEC countries decreased by 210,000 bpd to 29.494 mln bpd in October 2022

MOSCOW, November 14. /TASS/. OPEC countries (except Iran, Libya, and Venezuela), participating in the OPEC+ agreement, reduced their oil output in October by 225,000 barrels per day to 25.104 mln barrels per day (bpd), according to the November OPEC report.

Concurrently, the volume of oil production from all OPEC countries decreased by 210,000 bpd to 29.494 mln bpd in October 2022.

According to the agreement, OPEC+ countries could reduce production by 100,000 bpd in October. In accordance with the plan, ten OPEC countries were to reduce production to 26.689 mln bpd, but the actual level of production amounted to 25.104 mln bpd. Thus, the volume of output that these countries were unable to increase within the OPEC+ deal quota amounted to 1.59 mln bpd.

The OPEC report specified that oil production in Saudi Arabia (the largest oil producer in OPEC) reached 10.838 mln bpd in October (a decline of 149,000 bpd compared to September) instead of the planned 11.004 mln bpd according to the schedule. The UAE cut production by 7,000 bpd to 3.186 mln bpd, slightly surpassing the permitted level of 3.179 mln bpd. Iraq, on the contrary, increased production by 20,000 bpd to 4.572 mln bpd in October, and failed to fulfill the terms of the OPEC+ deal - the permitted production level was 4.651 mln bpd.

Ten out of the 13 members of OPEC are participating in the OPEC+ agreement to cut oil production. Iran, Libya, and Venezuela are exempt from restrictions. In October, oil production in Venezuela increased by 9,000 bpd to 679,000 bpd, in Libya the output increased by 6,000 bpd to 1.163 mln bpd, while Iran reduced its output by 1,000 bpd in October to 2.548 mln bpd.

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