OPEC Crude Production Climbs in October

OPEC's oil output rose further in October after an OPEC+ agreement to raise production, a Reuters survey found on Tuesday, though the scale of the increase slowed sharply from September and the summer months.

The Organization of the Petroleum Exporting Countries pumped 28.43 million barrels per day (bpd) last month, up 30,000 bpd from September's total, the survey showed, with Saudi Arabia and Iraq making the largest increases.

OPEC+, comprising OPEC and allies including Russia, slowed the pace of its output increases for October on growing concern over a possible supply glut. Simultaneously, some members are tasked with extra cuts to compensate for earlier overproduction, limiting the impact of increases.

Under an agreement by eight OPEC+ members covering October output, the five of them that are OPEC members - Algeria, Iraq, Kuwait, Saudi Arabia and the UAE - were to raise output by 86,000 bpd before the effect of compensation cuts totalling 140,000 bpd for Iraq and the UAE.

The survey shows that the actual increase by the five was 114,000 bpd, but declines in Nigeria, Libya and Venezuela offset those gains.

Estimates of output in Iraq and the UAE vary widely, with many outside sources putting the countries' output higher than the countries themselves.

While the Reuters survey and data provided by OPEC's secondary sources show they are pumping close to the quotas, other estimates, such as those of the International Energy Agency, say they are pumping significantly higher volumes.

The Reuters survey aims to track supply to the market and is based on flow data from financial group LSEG, information from other companies that track flows, such as Kpler, and information provided by sources at oil companies, OPEC and consultants.