MOSCOW, November 11. /TASS/. OPEC+ countries participating in the oil production cut agreement increased their oil output by 1.94 mln barrels per day (bpd) in October 2026, according to data presented in a report by the Organization of the Petroleum Exporting Countries (OPEC).
Excluding Libya, Iran, and Venezuela, which are exempt from the agreement, as well as the UAE, which withdrew from OPEC and OPEC+ on May 1, the alliance’s oil production totaled 32.817 mln bpd. OPEC+ countries had also previously extended the deadline for compensating for earlier oil overproduction until the end of 2026, but an updated schedule has yet to be published. The previous schedule, however, envisaged the completion of the compensation period in June 2026. Thus, the OPEC+ countries’ production quota for October, excluding compensation obligations, stood at 36.206 mln bpd, leaving actual output 3.389 mln bpd below the target.
Among the seven OPEC+ countries, Saudi Arabia recorded the largest increase in oil production in October, raising output by 1.182 mln bpd to 9.194 mln bpd.
Among the seven OPEC+ countries, Iraq also increased oil production in October by 496,000 bpd to 4.491 mln bpd, Kuwait - by 232,000 bpd to 1.998 mln bpd, Kazakhstan - by 34,000 bpd to 1.887 mln bpd, and Russia - by 41,000 bpd to 8.668 mln bpd. Meanwhile, oil production in Algeria fell by 2,000 bpd to 1.002 mln bpd in October, while Oman’s output declined by 8,000 bpd to 941,000 bpd.
Among OPEC countries not subject to production restrictions under the OPEC+ agreement, Libya increased oil output by 36,000 bpd to 1.333 mln bpd in October, while Iran’s production fell by 44,000 bpd to 1.914 mln bpd. Venezuela posted a slight increase in production of 11,000 bpd to 1.158 mln bpd. Meanwhile, the UAE, which recently withdrew from OPEC and OPEC+, increased oil production by 91,000 bpd to 4.008 mln bpd in October.