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OPEC+ oil production below target in October — report

Total oil production by OPEC+ member-countries, not including Libya, Iran and Venezuela exempted from performance of the deal, totaled 37.576 mln bpd

MOSCOW, November 12. /TASS/. OPEC+ countries increased their oil production by 30,000 barrels per day (bpd) but produced 452,000 bpd below target subject to voluntary cuts and compensations, the Organization of Petroleum Exporting Countries (OPEC) said in its report.

Total oil production by OPEC+ member-countries, not including Libya, Iran and Venezuela exempted from performance of the deal, totaled 37.576 mln bpd. OPEC+ countries were to produce 38.028 mln bpd with consideration of all voluntary restrictions and compensation schedules for October. Thus OPEC+ production was 452,000 bpd below the target.

Certain countries continued to be above their production commitments within the OPEC+ deal, such as Kazakhstan, South Sudan and Gabon. Certain African countries had their production below OPEC arrangements, including Sudan, Congo and Equatorial Guinea.

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