OPEC output down to lowest level since May 2015

摘要

Oil production from OPEC totalled 31.08mn b/d in October 2015, down 120,000 b/d from September and the lowest level since May, according to the latest (16 November) Platts survey of OPEC and oil industry officials and analysts. The decline was led by production drops in Saudi Arabia and Iraq. 'OPEC output has now dropped over three consecutive months, but it would be a mistake to think that this might signal a move away from the group's market share strategy when ministers meet in December in Vienna,' said Margaret McQuaile, Senior Correspondent for Platts. 'In fact, all the signs, including an expected contraction in non-OPEC supply next year, suggest that the likelihood of a policy change is pretty small.'