October was a great month for Nigeria as they outperformed other member countries in the Organization of the Petroleum Exporting Countries (OPEC) by leading in oil production.
OPEC, as a whole, experienced a third consecutive monthly increase in oil output during October, despite ongoing efforts by Saudi Arabia and other members of the broader OPEC+ alliance to curtail production and stabilize the market. According to a survey conducted by Reuters, OPEC collectively produced 27.90 million barrels per day (bpd) in October, marking an increase of 180,000 bpd compared to September. This followed an uptick in production in August, the first since February.
Nigeria played a significant role in the overall increase for October. The country’s oil production showed signs of recovery, a positive development considering past challenges such as crude theft and security concerns. Additionally, Angola boosted its oil exports, and Iran, despite facing U.S. sanctions, marginally increased its output, according to the survey.
The survey also revealed that production from the 10 OPEC members subject to OPEC+ supply reduction agreements rose by 150,000 bpd. Notably, Saudi Arabia and other Gulf members maintained a high level of compliance with agreed-upon production cuts and even made additional voluntary reductions.
The data used for the survey drew from multiple sources, including shipping data, LSEG flows data, information from firms tracking oil flows (like Petro-Logistics and Kpler), as well as insights from sources within oil companies, OPEC, and consulting firms.
