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OPEC oil production rises by 217,000 barrels per day in October Supplies continue to rise for the eighth month in a row

  • 11 November, 2021
  • 5:22 pm EET

OPEC oil production rose by about 217,000 barrels per day during the past month, and most of the increase came from Saudi Arabia, Venezuela, the United Arab Emirates and Kuwait, according to the quotas agreed upon within the OPEC + alliance.

The monthly report issued by the Organization of Petroleum Exporting Countries, today, Thursday, showed that the production of OPEC members rose to 27.453 million barrels per day at the end of last October, compared to 27.236 million barrels per day recorded in the previous month.

The continued increase in oil supplies by OPEC countries for the eighth month in a row, with the agreement of the OPEC + alliance on the gradual increase in production, after the implementation of record cuts in April of 2020 against the background of the Corona outbreak.

 

Most Increased

9 OPEC member countries boosted their oil production during the past month; Most notably, Saudi Arabia, Venezuela, the UAE and Kuwait, according to the agreement to gradually increase supplies.

Oil production in Saudi Arabia rose by about 110,000 barrels per day in October, to reach 9.759 million barrels per day, according to an OPEC report.

Venezuela’s oil production also increased by 57 thousand barrels per day, to reach 590 thousand barrels per day, and the production of the Emirates and Kuwait rose by 38 and 32 thousand barrels per day, respectively.

Congo, Libya, Algeria, Iran and Iraq each saw an increase in their oil supplies by between 7 and 15,000 barrels per day during the past month.

 

The Most Downward

Oil production in only 4 OPEC members fell last month, with Nigeria being the biggest drop.

Nigeria’s oil production decreased by 45 thousand barrels per day in October, to record 1.354 million barrels per day, according to the report.

According to OPEC, the production of Gabon decreased by 17 thousand barrels per day, recording 179,000, and the supplies of Equatorial Guinea and Angola fell by about 13 thousand barrels per day, respectively.

 

SOURCE : ATTAQQA

 

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