OPEC+ compared to 116% oil production in October
Two informed sources said the OPEC+ group’s commitment to oil production cuts was 116% in October, up from 115% in September.
This indicates that the group continues to produce within the framework of the agreed-upon objectives.
The data showed that the compliance of OPEC members participating in the OPEC + alliance rose from 115% in September to 121% in October, the highest level since May.
The compliance rate of non-OPEC producers was 106% in October, a drop from 114% in September.
OPEC+ has plans to increase its combined production by 400,000 barrels per day each month in light of a global economic recovery. OPEC + ministers meet monthly to consider further steps.
The Organization of Petroleum Exporting Countries (OPEC) this month lowered its global oil demand forecast for the fourth quarter by 330,000 barrels per day from last month’s estimate, as high energy prices prevent economic recovery. from the COVID-19 pandemic.
