OPEC producers raised their crude oil output in October, but still below the target agreed with allies, a Reuters survey showed. OPEC oil production came in at 27.50 million bpd last month, an increase of 190,000 bpd from September but lower than the 254,000 rises permitted under the OPEC+ supply agreement. OPEC compliance with the supply deal rose from 114% in September to 118% in October, the survey found.
Analysts said smaller producers experienced involuntary outages in October, which offset higher output from Saudi Arabia and Iraq. The two countries boosted their production largely as promised according to the deal. Kuwait, the UAE, and Algeria also raised production in line with their higher October quotas. Angolan exports rebounded in October after declining in the previous few months. Gabon, the Republic of Congo, and Equatorial Guinea saw their output steady due to a lack of capacity to pump more.
On the other hand, at 70,000 bpd, Nigeria saw the biggest output decline among OPEC members. A Nigerian venture of Royal Dutch Shell declared force majeure on loadings of Bonny Light crude following a pipeline shutdown. Libya’s oil output also sank last month due to a pipeline leak. Iran’s output showed little change in October, while Venezuelan production rose slightly. Libya, Iran, and Venezuela are exempt from OPEC+ supply curbs.
