IMG.gif
Fundamentals

Opec-Plus: October Output Falls in Line With Deal

Copyright © 2022 Energy Intelligence Group All rights reserved. Unauthorized access or electronic forwarding, even for internal use, is prohibited.
World,Opec,Logo,Petroleum,Petrodollar,Crude,Oil

For Opec-plus, October was a rare month when goals and execution aligned neatly. Crude oil output by the 19 members with a quota fell by 90,000 barrels per day to 38.52 million b/d, just 10,000 b/d shy of the 100,000 b/d cut the alliance had agreed in early September. Factoring in the four members without a quota — Iran, Mexico, Libya and Venezuela — last month’s production amounted to 44.59 million b/d, down 130,000 b/d from September, according to Energy Intelligence’s assessment. The larger decline mainly reflects a slide in Venezuelan barrels.

Topics:
Crude Oil, Oil Supply, Opec-Plus Supply
Wanda Ad #2 (article footer)
#
Current price spreads indicate that the supply tightness that has defined oil markets in recent months has diminished.
Tue, Nov 29, 2022
Iraq's production target reduction will not be met at the expense of exports but rather domestic consumption, officials say.
Tue, Nov 29, 2022