IEA: OPEC+ countries increased oil production in October by 70,000 barrels per day

In October, OPEC+ countries increased production by 70,000 barrels per day compared to September, to 36.51 million barrels per day. The gap from quotas amounted to 0.4 million barrels per day, according to the monthly report of the International Energy Agency (IEA).

Production volume in 19 member countries of the alliance amounted to 36.51 million barrels per day. At the same time, the target production level within the quotas is 36.92 million.

Total oil production in all 23 OPEC+ countries (including quota-exempt participants in the deal) increased by 30 thousand barrels per day, to 43.19 million barrels per day, as increased production in Angola, Iraq and Russia offset small declines in other countries.

Production in OPEC alone remained unchanged at 28.21 million barrels daily.