Oil in Global Economy Series: Platts estimates OPEC production down 90,000 bpd in October

A monthly survey conducted by Platts suggests that the production within OPEC is down 90,000 barrels per day (bpd) in October, compared to September. A separate survey conducted by Reuters suggests that production has declined by 80,000 barrels per day. In August, the production declined by 79,000 barrels per day, before rising 88,000 barrels per day in September. Here are details of individual countries’ production, (kindly note, all numbers are compared to September)

• Increased production: Production rose in Angola (+70,000 bpd), Saudi Arabia (+20,000 bpd), Equatorial Guinea (+20,000 bpd), and in Libya (+70,000).
   
• Decreased production: Production declined in Algeria (-30,000 bpd), Venezuela (-30,000 bpd), Iraq (-120,000 bpd), Iran (-20,000 bpd), Qatar (-10,000 bpd), and Nigeria (-60,000 bpd)
   
• Unchanged: Ecuador, Gabon, Kuwait, and United Arab Emirates.

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.

Moreover, a separate survey conducted by Tanker Trackers show that the Iraqi region of Kurdistan contributed the majority of the decline, where production declined by 145,000 barrels per day in October according to shipping data from Turkish Ceyhan oil port.

WTI is currently trading at $56.8 per barrel and Brent at $6.7 per barrel premium to WTI.