OPEC oil output falls by 20,000 bpd in October -Reuters survey
2022.11.02 09:39
© Reuters. FILE PHOTO: The logo of the Organisation of the Petroleum Exporting Countries (OPEC) outside its headquarters ahead of the OPEC and non-OPEC meeting, Austria, Dec. 6, 2019. REUTERS/Leonhard Foeger
ABU DHABI (Reuters) – The following table shows crude output by the Organization of the Petroleum Exporting Countries (OPEC) in millions of barrels per day (bpd) in October and September, according to a Reuters survey published on Wednesday.
OPEC and allies, a group known as OPEC+, agreed to a 100,000-barrel-per-day cut in their oil output target for October, having increased the target by the same amount in September.
In October, the 10 OPEC members bound by the deal have a target to produce 26.689 million barrels per day (bpd), down about 64,000 bpd from September’s target.
According to the survey, they trimmed output by 20,000 bpd to 25.33 million bpd. Still, this was 1.36 million bpd less than called for by the agreement.
September output was revised down after a change to the estimate for Angola.
The figures in the first, second and fourth columns in the table are in millions of barrels per day.
October September Change vs. Baseline for October output Shortfall vs.
output output September 2020 cut target Oct target
Algeria 1.060 1.050 10,000 1.057 1,055,000 5,000
Angola 1.060 1.100 -40,000 1.528 1,525,000 -465,000
Congo 0.260 0.260 0 0.325 325,000 -65,000
Eq. Guinea 0.090 0.090 0 0.127 127,000 -37,000
Gabon 0.190 0.190 0 0.187 186,000 4,000
Iraq 4.550 4.500 50,000 4.653 4,651,000 -101,000
Kuwait 2.811 2.820 -9,000 2.809 2,811,000 0
Nigeria 1.120 1.150 -30,000 1.829 1,826,000 -706,000
Saudi Arabia 11.00 11.00 0 11.000 11,004,000 -4,000
UAE 3.188 3.190 -2,000 3.168 3,179,000 9,000
TOTAL OPEC 10 25.329 25.350 -21,000 26.683 26,689,000 -1,360,000
Iran 2.55 2.56 -10,000
Libya 1.15 1.15 0
Venezuela 0.68 0.670 10,000
TOTAL OPEC 13 29.709 29.730 -21,000
R = Revised
Totals are rounded and may not add up.
Iran, Libya and Venezuela are exempt from OPEC output quotas.
The Reuters survey aims to assess crude supply to market, defined to exclude movements to, but not sales from, storage. Saudi and Kuwaiti data includes the Neutral Zone.
Venezuelan data includes upgraded synthetic oil. Nigerian crude output includes the Agbami and Egina streams and excludes Akpo condensate.
