5 Dec 2022 09:56

OPEC+ oil output down 60,000 bpd in October, non-OPEC output up - source

MOSCOW. Dec 5 (Interfax) - OPEC+ countries reduced oil production by 60,000 barrels per day month-on-month in October, although they were supposed to cut output by 100,000 bpd, a source familiar with an alliance report told Interfax.

OPEC+ countries had earlier decided to reduce oil production quotas in October by 100,000 bpd compared to September.

OPEC countries that are parties to the pact, which were supposed to reduce output by 63,000 bpd in October compared to September, actually decreased production by 210,000 bpd to 25.2 million bpd. These countries' lag behind their allowed level of production therefore widened to 1.5 million bpd in October from 1.36 million bpd in September.

Non-OPEC countries that are parties to the deal, meanwhile, were supposed to reduce production by 34,000 bpd in October, but actually increased output by 150,000 bpd to 15.15 million bpd, primarily due to Kazakhstan and partly due to Russia. As a result, non-OPEC countries reduced their lag behind their allowed level of production to 2 million bpd in October from 2.2 million in September.

OPEC+ countries produced a combined 40.3 million bpd of crude in October, bringing the cumulative lag behind permitted quotas to 3.53 million bpd as of the end of October compared to 3.57 million bpd a month earlier.