OPEC oil output falls by 20,000 bpd in October

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.

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.