Output steady as thoughts turn to next stage

摘要

Crude production by the Opec+ alliance was barely changed last month as momentum grows for the group to maintain its existing cuts into next year. The 19 parties to the deal produced 34.22mn b/d in October, only 10,000 b/d higher than in September, Argus’ survey shows (see table). Compliance by the 10 Opec participants was unchanged from September’s 106pc, while adherence by the non-Opec segment eased further, having fallen below 100pc in September. Overall Opec output — including Iran, Libya and Venezuela, which do not have quotas — increased by 230,000 b/d last month, supported by a rebound in Libyan supplies and higher output from Iraq, which ofset lower production from most other members. Iraq missed its output target again after achieving 100pc compliance or more only in August-September. Baghdad had pledged to produce below its quota in September-December to compensate for missing its targets earlier this year. The country has found it hard to maintain production discipline as it juggles the expectations of the alliance with domestic pressures.