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Oil Prices Jump On Major Crude Draw

Irina Slav

Irina Slav

Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.

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OPEC+ Ignores Calls For More Crude, Adds Meagre 140,000 Bpd In October

  • OPEC+ added just 140,000 barrels daily of crude oil last month
  • Bloomberg: production constraints in Angola and Nigeria were part of the problem
  • Several OPEC members said in recent days they saw no need for additional production

OPEC+ added just 140,000 barrels daily of crude oil last month despite multiple calls for more supply amid soaring prices that are fueling inflation.

The calculation was made by Bloomberg, which also reported the reasons for the lower addition were continuing problems in Nigeria and Angola.

The report comes just as U.S. President Joe Biden pointed the finger at OPEC for rising retail fuel prices in the U.S. while Energy Secretary Jennifer Granholm blamed OPEC directly for the high U.S. prices at the pump.

Meanwhile, several OPEC members said in recent days they saw no need for additional production and were sticking with the original plan.

Reuters also reported that OPEC had undershot its own output increase target in October, with Saudi Arabia and Iraq delivering more than committed, but the problems of the African leaders nearly offset this amount. According to the Reuters calculations, OPEC increased its combined output by 190,000 bpd last month.

The news is a blow to large consumers, which are already struggling with their oil import bill. Calls for OPEC to boost production by more than the originally agreed 400,000 bpd are intensifying, and there were even reports that several large consumers were in talks on what alternative steps they could take should OPEC fail to acquiesce to their requests for more production.

Prices, meanwhile, are on the rise again following the latest OPEC news and reports from China that refiners are ramping up their run rates amid rising fuel demand.

“Crude prices still seemed poised to head higher, with some traders waiting for confirmation after both the EIA crude oil inventory shows demand for most products are headed in the right direction, while U.S. production is stable and with OPEC+ sticking to their gradual 400,000 bpd increase plan,” Reuters cited OANDA analyst Edward Moya as saying.

By Irina Slav for Oilprice.com

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