Caption:Oil Rig
The increase in Oil production by Libya,has pushed up OPEC in October, driven by a surge from Libya according to a Reuters survey.
This increased output has led to an increase of 195,000 barrels per day (bpd) from September’s yearly low.
The Organization of the Petroleum Exporting Countries pumped 26.33 million bpd, as Libya resolved a political dispute, resuming full output and contributing to the production upswing.
Libya led the production gain, ramping up supply as its political standoff over central bank control eased, allowing operations to resume across key oilfields.
This added volume placed further downward pressure on global oil prices, already under strain from weakened demand forecasts.
Nigeria’s stable output played a crucial role in bolstering OPEC’s production resilience, with the country largely meeting its export quotas and signalling a commitment to support broader supply goals amid price uncertainties.
Venezuela also posted notable increases, hitting 860,000 bpd—the highest level since 2020. Both Libya and Venezuela remain exempt from OPEC+ production limits, enabling them to maintain output growth without breaching alliance agreements.
Meanwhile, Iraq and Iran recorded the largest declines. Iraq reduced its production to 3.98 million bpd, falling below its OPEC+ quota due to lower export rates and reduced domestic use, along with a decline in northern Iraqi output.
Iranian exports saw a significant drop after recent increases, despite ongoing U.S. sanctions.
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The October survey shows that OPEC exceeded the implied production target for its nine members under supply cuts by around 46,000 bpd, with Gabon as the top outlier.
The survey’s findings are based on industry sources, shipping data, and insights from market intelligence firms including LSEG, Kpler, and Petro-Logistics.
