The crude oil production of all 13 OPEC members, including those exempt from the OPEC+ pact - Venezuela, Iran, and Libya - averaged 29.49 million bpd in October, according to secondary sources in the organization’s closely-watched Monthly Oil Market Report (MOMR) published on Monday. Saudi Arabia’s production dropped the most among OPEC members and was below the targeted production level of 11.004 million bpd per the schedule the OPEC+ meeting had adopted. The Kingdom self-reported higher production for October than secondary sources’ estimates, at 10.957 million bpd, down by 84,000 bpd compared to September. Angola’s crude oil production fell by 78,000 bpd to 1.067 million bpd in October, according to OPEC’s secondary sources. Angola’s target, however, is much higher, at 1.525 million bpd, meaning that the country was nearly 500,000 bpd below target.

Source: Libya Today November 14, 2022 21:40 UTC