OPEC Oil Production Remains Relatively Flat In October

...modest gains among African member states were offset by lower output elsewhere...

OPEC's crude production in October was relatively unchanged compared to September.

The modest gains made by African member states are offset by lower production elsewhere

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Survey

Bloomberg's research has revealed.

According to the survey, OPEC has produced 28,08 million barrels per day of crude oil in October, which is about 50,000 bpd higher than September.

Nigeria was the country that increased its production most in October, followed by Angola Gabon Equatorial Guinea and Congo. Despite the modest increase in production, the net result was a decrease in production for other members of this group.

OPEC has also released a separate output

Survey

Reuters' analysis showed that the crude oil production of the group increased significantly in October.

According to the survey, OPEC countries produced 180,000 bpd higher than they did in the preceding month. Bloomberg calculated a total of 27.9 millions bpd for October.

Reuters reported Wednesday that Nigeria, Angola and Iran were the top producers in that survey. According to the survey, Iran's oil output reached 3.17 million barrels per day in October. This was the highest level since 2018.

Saudi Arabia kept its production at around 9 million bpd despite its decision to reduce it.

It is not a good idea to increase prices due to the conflict between Israel and Hamas, despite some hints.

Reuters reported that even though the de-facto leader of OPEC remained true to his production targets, the combined output of the ten OPEC members who are subject to quotas grew by a total of 150,000 barrels per day.

The total is still lower than the volume that was agreed upon by the group as an instrument of price control.

This shortfall of 560,000 bpd is due to the inability of some countries, including Nigeria and Angola, to increase production.

OPEC will publish its official production figures next Friday.