SunSirs: OPEC Crude Oil Production Remained relatively Stable in October
November 03 2023 14:10:00 SunSirs (Selena)
According to foreign news on November 2nd, a survey released on Thursday showed that OPEC's crude oil production remained largely stable at September's levels last month, as small increases in African member countries were offset by declines in production in other regions.
According to the survey, OPEC's daily crude oil production in October was 28.08 million barrels, an increase of approximately 50,000 barrels compared to September.
Nigeria has the highest production increase, with Angola, Gabon, Equatorial Guinea, and Congo also increasing production in October. Nevertheless, the lower production of other members of the group resulted in a slight increase in total production.
Another OPEC production survey previously released showed that the organization's crude oil production growth was more significant in October. According to the survey, the daily production of OPEC countries has increased by 180,000 barrels compared to September. However, the total production in October was lower than the 27.9 million barrels per day surveyed in this survey.
In previous surveys, Nigeria, Angola, Iran, and Iraq once again led the growth in production. According to the survey, Iran's daily oil production in October reached 3.17 million barrels, the highest level since 2018.
At the same time, Saudi Arabia, based on its voluntary decision to reduce production, has maintained its daily production at around 9 million barrels, despite signs that Saudi Arabia may increase production to limit the potential price surge caused by the war between Israel and Hamas. Although the actual leaders of OPEC insist on their production targets, the total production of the 10 OPEC member countries subject to quota restrictions has increased by 150,000 barrels per day.
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