OPEC+ lagged behind oil output plan by 3.22 mln bpd in Oct - IEA

MOSCOW. Nov 15 (Interfax) - The OPEC+ countries produced 38.88 million barrels per day of oil in October, while they could have produced 42.1 million bpd according to the agreement, meaning the gap between supply and target was 3.22 million bpd, the International Energy Agency (IEA) said.

The production of OPEC countries participating in the agreement fell by 30,000 bpd in October to 29.8 million bpd due predominantly to production declines in Saudi Arabia, whose output fell by 130,000 bpd compared to September. This was partially compensated, however, by increased production in Iraq and Nigeria.

Non-OPEC countries participating in the OPEC+ deal produced 100,000 more bpd in October than in September at 15.12 million bpd largely due to a rebound in production in Kazakhstan, which increased output by 120,000 bpd to 1.46 million bpd.

The IEA expects that oil production by the alliance will sharply decrease starting in November in connection with the alliance's decision to cut production by 2 million bpd.

"Our current estimate is for a decrease of around 800,000 bpd. That should narrow the gap between the bloc's supply and official target to roughly 2 million bpd from 3.2 million bpd in October," the IEA said.

"Russia [...] will continue to lead those trailing far below quotas, while operational issues and capacity constraints will keep countries such as Nigeria, Angola, and Malaysia well under their targets," it said.