In October, the thirteen member countries of OPEC increased their oil production to 27.9 million barrels per day, registering an increase of 0.3% compared to September, according to the organization’s monthly report published today.

The report highlights that Angola, Iran and Nigeria were the main drivers of the increase in OPEC production during October. Despite some reductions by other members, such as Saudi Arabia, Kuwait, Libya and Venezuela, the overall increases did not exceed limits set in previous agreements by OPEC and its allies, including Russia.

Iran, exempt from supply cut commitments, continued to increase its production, reaching 3.1 million barrels per day in October. Despite US sanctions on Iran’s oil exports, its output increased by 30% compared to 2021, reaching levels not seen in years.

The report also projects global oil supply, forecasting that production from non-OPEC countries will reach between 67.59 and 68.88 million barrels per day in 2023 and 2024, respectively.

K. Tovar

Source: Bancaynegocios

(Referential image source: Aleksey Malinovsky, Unsplash)

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