OPEC and its allies boosted crude oil production by 480,000 b/d in October, according to the latest S&P Global Platts survey. Only half of the group’s members actually increased output last month though, as many coalitions are struggling to pump as many barrels as promised. Many of the members have been beset by significant disruptions due to a combination of factors ranging from damaged infrastructure, operational issues and technical problems. The monthly rise was attributed mainly to the group’s largest oil producers such as Saudi Arabia, Russia, the UAE and Kuwait as well as Kazakhstan, which completed heavy maintenance on a key field.
- OPEC+ hikes October output by 480,000 b/d but many members underperform