OPEC production falls short of October target

Oil

OPEC’s oil production averaged 27.5M b/d in October, an increase of 190K b/d m-o-m but below the planned 254K b/d target previously agreed under the group’s supply deal, according to Reuters. This indicates an overall compliance of 118% across the 10 members, up from 114% in September, with Nigeria’s output falling by 70K b/d m-o-m following a pipeline disruption. OPEC+ are next due to meet on 4 November where they will discuss their strategy for December.