OPEC: Production increased by 215 thousand barrels per day, last month

Economy

12-11-2024, 21:40

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INA - BAGHDAD

The OPEC+ group's oil production increased last October by 215 thousand barrels per day, compared to last September, to reach 40.3 million barrels per day.

"OPEC+ production in October reached 40.338 million barrels per day, an increase of 215 thousand barrels from what it was in September 40.124 million barrels per day," included a statement by OPEC.

The OPEC report indicated that "expectations for global oil demand growth for 2024 were revised down by 107 thousand barrels per day, to reach 1.8 million barrels per day on an annual basis."

OPEC kept its estimates for oil production growth outside OPEC+ in 2024 unchanged at 1.23 million barrels per day, to reach about 53.1 barrels per day.

The countries participating in the oil agreement considered voluntary cuts, and the plan to compensate for overproduction, produced 151 thousand barrels per day less than agreed upon.