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OPEC members undershot October target by 1.36mbpd vs 1.32mbpd in September – survey

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OPEC October output fell 20,000 barrels per day to 29.71 million barrels per day, according to Reuters’ secondary sources survey.

For October, OPEC+ pledged to cut 100k bpd with 64,000 barrels slated to come from OPEC. They didn’t cut that much but that’s because many countries were far below target and fighting to restore lost barrels. Along those lines, Iraq added 50,000 barrels in the month but is still producing 100,000 bpd below target.

The latest OPEC+ cut was from November so output will surely fall further this month.

OPEC has now shifted to meeting every second month with the next gathering set for December 4.