• 4 minutes "Natural Gas Trading Picks Up Considerably Amid High Volatility" by Charles Kennedy - ...And is U.S. NatGas Futures dramatically overbought at the $6.35 range?
  • 8 minutes How Far Have We Really Gotten With Alternative Energy
  • 12 minutes  What Russia has reached over three months diplomatic and military pressure on West ?
  • 17 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 16 hours Revisiting: "The U.S. Grid Isn’t Ready For A Major Shift To Renewables" from March 2021 by Irina Slav at OILPRICE
  • 3 days How cheap Chinese tires might explain Russia's 'stalled' 40-mile-long military convoy in Ukraine
  • 8 days "The Calm Before The Storm In Oil Markets" by Tom Kool of OILPRICE and seen at YahooFinance
  • 8 days Will Variants and Ill-Health Continue to Plague Economic Outlooks?
  • 1 day Natural Gas is the Cleanest and most Likely Source of Energy to Fuel the World.
  • 8 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 7 days "Russia will stop 'in a moment' if Ukraine meets terms - Kremlin" by Reuters via Yahoo News...but Reuters suddenly cut out the balanced part of the story.
Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

OPEC Output Soars As Venezuela Bounces Back From The Brink

OPEC’s crude oil production jumped by nearly 1 million bpd in October compared to September after top producer Saudi Arabia recovered from the mid-September attacks on its oil infrastructure, more than offsetting losses in restive Ecuador and trying-to-comply Iraq and Nigeria.

OPEC’s total crude oil production averaged 29.65 million bpd in October, up by 943,000 bpd compared to September, OPEC said in its closely watched Monthly Oil Market Report on Thursday.

Unsurprisingly, the biggest contributor to the increase was the cartel’s largest producer and de facto leader Saudi Arabia, which recovered its production to the levels just before the attacks on crucial oil infrastructure on September 14. Saudi Arabia boosted production by 1.094 million bpd from September to 9.890 million bpd in October, and it is still overcomplying with its share of the cuts by more than 400,000 bpd.

Somewhat surprisingly, the OPEC member with the second-largest monthly production boost was none other than Venezuela, which saw its production rise by 42,000 bpd to 687,000 bpd in October, according to OPEC’s secondary sources which the cartel uses to track production and compliance. The production increase in Venezuela was already previewed in two separate surveys earlier this month, by Platts and by Reuters, which both showed higher Venezuelan production and Saudi Arabia returning to pre-attacks production levels. Related: OPEC Is Desperate For A Trade War Resolution

Elsewhere in the group, the biggest decline came from Ecuador, whose oil production and exports were disrupted due to massive protests around the country, sparked by a government decision to eliminate fuel subsidies—a decision on which President Lenin Moreno later backtracked. Ecuador, which will leave OPEC as of January 1, saw its crude oil production plunge by 100,000 bpd to 448,000 bpd in October.

Iraq and Nigeria, two of the repeatedly non-compliant OPEC members, reduced their respective production, but they were still pumping above their quotas.

Saudi Arabia is reportedly pressuring non-compliant cartel members to fall in line with their quotas ahead of the December 5-6 meeting, instead of pushing aggressively for a deeper overall cut to rebalance the market.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News