Oil in Global Economy Series: OPEC production declines 80,000 bpd in October

A monthly survey conducted by Reuters suggests that the production within OPEC is down 80,000 barrels per day (bpd) in October, compared to September. This is the second consecutive monthly decline. In September, the production declined by 79,000 barrels per day. Here are details of individual countries’ production, (kindly note, all numbers are compared to September)

• Increased production: Production rose in Angola (+80,000 bpd), Saudi Arabia (+30,000 bpd), and in Libya (+70,000).
   
• Decreased production: Production declined in Algeria (-20,000 bpd), United Arab Emirates (-10,000 bpd), Venezuela (-20,000 bpd), Iraq (-120,000 bpd), Kuwait (-10,000 bpd), Equatorial Guinea (-10,000 bpd), and Nigeria (-70,000 bpd)
   
• Unchanged: Ecuador, Gabon, Iran, and Qatar.

According to the survey, Iraq, which went through a major military conflict with Kurdistan last month, contributed to the majority of the decline. It also shows that the OPEC compliance has hit 92 percent last month.

WTI is currently trading at $54.8 per barrel and Brent at $6.5 per barrel premium to WTI.

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