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[size=36]OPEC+ raises October production by 480,000 barrels[/size]
Economie| 09:57 - 09/11/2021
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The US company Standard & Poor's Global Platts announced, on Tuesday, that OPEC + raised its production for the month of October by 480 thousand barrels per day, while Iraq's commitment was 95% for the same month.
According to the latest Standard & Poor's Global Platts survey, "OPEC and its allies boosted oil production by 480,000 barrels per day, but only half of the group's members actually increased production last month as many in the alliance struggle to pump as many barrels as possible."
She noted that "13 OPEC countries pumped 27.55 million barrels per day, an increase of 260,000 barrels per day from September, while Russia and eight other partners added 13.66 million barrels per day, an increase of 220,000 barrels per day."
The monthly rise was mainly attributed to the group's largest oil producers Saudi Arabia, Russia, the United Arab Emirates and Kuwait, which still have ample spare production capacity, as well as to Kazakhstan, which completed heavy maintenance in a major field.
Iraq witnessed a decrease in its oil production for the month of October compared to September by 100,000 barrels per day, as its production reached 4.170 million barrels per day in October, down from the month of September, in which production amounted to 4.180 million barrels per day, but this production is higher than its share scheduled for the month of October, amounting to 4.149 million barrels, so that Iraq's commitment to its share is 95.83%.
The survey found that "the 19 countries with production quotas under the OPEC + agreement were collectively 600,000 barrels per day less than their allocation for the month, raising the compliance rate to 113.21%."
The shortage contributed to the tight oil market as global demand rebounded to approach pre-pandemic levels, prompting harsh criticism from the United States and other consuming countries that complained of high oil prices.
According to the latest Standard & Poor's Global Platts survey, "OPEC and its allies boosted oil production by 480,000 barrels per day, but only half of the group's members actually increased production last month as many in the alliance struggle to pump as many barrels as possible."
She noted that "13 OPEC countries pumped 27.55 million barrels per day, an increase of 260,000 barrels per day from September, while Russia and eight other partners added 13.66 million barrels per day, an increase of 220,000 barrels per day."
The monthly rise was mainly attributed to the group's largest oil producers Saudi Arabia, Russia, the United Arab Emirates and Kuwait, which still have ample spare production capacity, as well as to Kazakhstan, which completed heavy maintenance in a major field.
Iraq witnessed a decrease in its oil production for the month of October compared to September by 100,000 barrels per day, as its production reached 4.170 million barrels per day in October, down from the month of September, in which production amounted to 4.180 million barrels per day, but this production is higher than its share scheduled for the month of October, amounting to 4.149 million barrels, so that Iraq's commitment to its share is 95.83%.
The survey found that "the 19 countries with production quotas under the OPEC + agreement were collectively 600,000 barrels per day less than their allocation for the month, raising the compliance rate to 113.21%."
The shortage contributed to the tight oil market as global demand rebounded to approach pre-pandemic levels, prompting harsh criticism from the United States and other consuming countries that complained of high oil prices.
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