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Iraqi support raises OPEC+ production by 180 thousand barrels per day
Economical 11/12/2023
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Baghdad: Al-Sabah
OPEC+ oil production rose by about 180,000 barrels per day during last October, supported by increased production in Iraq, which recorded its highest level in 9 months, and Iran, which reached its highest level in 5 years. A survey by the organization revealed that increased production by OPEC+ countries and their allies abroad reduced the OPEC+ quota deficit to 827 thousand barrels per day. This added to supply pressures on deteriorating market sentiment. The 13 OPEC members pumped about 27.89 million barrels per day, an increase of 130,000 barrels per day on a monthly basis, while 10 non-OPEC allies, including Mexico, which is not subject to a quota, boosted production by 50,000 barrels per day to 14.82 million barrels per day. As reported by S&P Global Platts. The survey found that OPEC+ production increases narrowed the alliance’s quota deficit in October; Including voluntary reductions implemented by the group; Many African members are still struggling to achieve their goals, despite Iraq's non-compliance. The group of producers has cut quotas aggressively since July in an attempt to support oil prices, but even as the war in Gaza escalates, the market has fallen in recent weeks due to tepid economic indicators, especially from China, and growing non-OPEC supplies. Brent crude oil price was valued at $82.70 per barrel on November 9; More than $15 per barrel below the 2023 peak in late September, market expectations will be increasingly in focus as the alliance prepares to meet in Vienna on November 26; To discuss production policy for 2024.
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