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OPEC+ countries cut oil production by 283,000 barrels/day

Deviation from the OPEC+ oil production target was the highest for Iraq, 163,000 bpd above the target, although the country slashed oil production by 66,000 bpd

MOSCOW, November 12. /TASS/. OPEC+ countries slashed oil production by 283,000 barrels per day (bpd) in October 2024 and were producing below the target by 154,000 bpd, the OPEC said in its November report.

The OPEC+ participants produced 35.088 mln bpd net of Libya, Iran and Venezuela that are exempt from participation in the agreement. With all the voluntary restrictions and compensation schedules stipulated, OPEC+ countries were to produce 35.242 mln bpd and thus production was 154,000 bpd below the target.

Deviation from the OPEC+ oil production target was the highest for Iraq, 163,000 bpd above the target, although the country slashed oil production by 66,000 bpd. Russia was 42,000 bpd above the target. Kazakhstan reduced oil production in October 2024 by 292,000 bpd but still was 87,000 bpd above the target.