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Output by OPEC states participating in OPEC+ up by 91,000 barrels per day in October

However, voluntary output cuts that some OPEC+ countries, including a few OPEC nations, stick to from May 2023 until the end of 2024, are not taken into account by the parameters of the OPEC+ agreement

MOSCOW, November 13. /TASS/. Crude production by OPEC countries (excluding Iran, Libya and Venezuela) participating in the OPEC+ deal went up by 91,000 barrels per day in October 2023 to 22.89 mln barrels per day mainly due to an increase in output by Angola and Nigeria, OPEC said in its November report.

Ten OPEC nations participating in OPEC+ were to cut production within the deal by 1.273 mln barrels per day to 25.416 mln barrels per day since October 2022. In October, real production by those countries amounted to 22.891 mln barrels per day, which is 2.525 mln barrels per day lower than the level stipulated by the OPEC+ agreement.

However, voluntary output cuts that some OPEC+ countries, including a few OPEC nations, stick to from May 2023 until the end of 2024, are not taken into account by the parameters of the OPEC+ agreement. Those cuts total 1.66 mln barrels per day. Moreover, Saudi Arabia has been reducing production additionally by another 1 mln barrels per day since July until the end of this year, and the kingdom admits an extension of this measure and an increase in the reduction.

Overall, all 13 OPEC countries boosted crude production in October by 80,000 barrels per day to 27.9 mln barrels per day, mainly due to growth of output in Angola (+51,000 barrels per day) and Nigeria (+17,000 barrels per day).

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