OPEC+ countries in October reduced oil production by 60 thousand against September b/s, while they should have been reduced by 100,000 b/s, a source familiar with the alliance's report told Interfax. According to the OPEC+ decision, oil production quotas in October decreased by 100,000 barrels per day compared to September.
So, the OPEC countries participating in the deal, which in October were ordered to reduce oil production by 63 thousand b/d by September, in reality reduced it by 210 thousand b/d to 25.2 million bpd. Thus, the lag behind the permitted level of oil production by OPEC countries in October increased to 1.5 million b/d compared to 1.36 million b/d in September.
in OPEC, they were supposed to reduce production in October by 34,000 bpd, but actually increased it by 150,000 bpd to 15.15 million bpd, mainly due to Kazakhstan and partly to Russia. As a result, non-OPEC countries reduced the backlog from allowed quotas from 2.2 million b/d in September to 2 million b/d in October.
Overall, OPEC+ countries produced 40.3 million b/d in October b/d, and the cumulative year-over-year lag behind permitted quotas amounted to 3.53 million b/d in October compared to 3.57 million b/d in September.