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    Home » ‘OPEC oil output falls by 20,000 b/d in October’

    ‘OPEC oil output falls by 20,000 b/d in October’

    November 2, 2022
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    Abu Dhabi — 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.

    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

    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.

    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.

    *Alex Lawler, Ahmad Ghaddar – Reuters

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