OPEC+ countries participating in the deal to cut oil production cut production by 283,000 barrels per day (b/d) in October and produced below the planned level, taking into account voluntary cuts of 154,000 b/d, data from the November OPEC report.
Excluding Libya, Iran and Venezuela, which are exempt from the deal, the alliance's production volume stands at 35,088 million barrels per day.
Taking into account all voluntary curbs and compensation schedules scheduled for September, OPEC+ countries were to produce 35,242 million barrels per day. Thus, the alliance is producing below the plan by 154,000 barrels per day.
Iraq deviated the most from the OPEC+ oil production plan - in October the country produced 163,000 barrels per day more than planned, although it cut production by 66,000 barrels per day. In turn, Russia exceeded the plan by 42,0000 barrels per day. At the same time, Kazakhstan cut production in October the most of all OPEC+ countries - by 292,000 barrels per day, but still slightly exceeded the plan - by 87,000 barrels per day. These 3 countries are among the "debtors" of OPEC+, which must compensate for insufficiently reduced volumes of oil production by the end of September 2025.
At the same time, output from a number of African countries came in below the OPEC+ target: South Sudan (down 66,000 bpd), Sudan (down 36,000 bpd). ), Nigeria (with 66,000 barrels per day), Congo (with 12,000 barrels per day), Equatorial Guinea (with 14,000 barrels per day).
Among non-OPEC+ countries, Libya's oil production rose sharply, rebounding by 556,000 bpd in October to 1.096 million bpd after a temporary shutdown , related to internal political events in the country. In Iran, production fell by 68,000 bpd to 3.259 million bpd, and in Venezuela, production rose by 7,000 bpd to 895,000 bpd.