OPEC Depressed Production Target In October

OPEC’s crude oil production rose by 217,000 barrels per day to 27.453 million bpd in October, but still fell short of its share of the 400,000-bpd total output hike of the OPEC+ .

Under the OPEC+ deal, the ten OPEC members bound by the OPEC+ pact should be raising their combined production by 254,000 bpd each month.

Estimates from secondary sources in OPEC’s Monthly Oil Market Report (MOMR) published on Thursday continued to show that it has been undershooting its collective production quota, mostly because of a lack of capacity at some members to pump crude to their quotas.

While OPEC’s top producer, Saudi Arabia, pumped nearly in perfect alignment to its quota and raised crude production by 110,000 bpd, several African members not only fell short of their quotas, but they also saw their respective output drop in October compared to September.