OPEC says oil output rises by 80,000 bpd on month in Oct

MOSCOW, Nov 13 (PRIME) -- The OPEC countries increased their oil production by 80,000 barrels per day on the month to 27.9 million barrels per day in October, the OPEC said in a monthly report on Monday.

At the same time, other countries of the OPEC+ alliance were producing 2.524 million barrels per day less than the amount allowed by the agreement, keeping compliance with the deal at 298%.

OPEC increased its outlook for the combined oil production outside the alliance by 100,000 barrels to 67.5 million barrels per day in 2023.

The alliance also raised its 2023 forecast for Russia’s liquid hydrocarbons production by 80,000 barrels per day, so the production should amount to 10.5 million barrels per day this year. According to data of OPEC, Russia’s oil production remained flat on the month at 9.5 million barrels per day in September.

OPEC slightly improved its global oil demand growth forecast for 2023 to 2.46 million barrels per day from 2.4 million barrels per day, and it should amount to 102.11 million barrels per day. At the same time, the forecast for oil output outside OPEC was also upgraded by 100,000 barrels, and the organization sees it rising by 1.8 million barrels on the year to 67.6 million barrels per day this year.

Commercial reserves of oil and oil products in the countries of the Organization for Economic Cooperation and Development (OECD) fell by 15.6 million barrels on the month in September, and were below the average reserve level for the past five years by 118 million barrels.

End