OPEC oil output has bounced in October from an eight-year low as a rapid recover...
LONDON - OPEC oil output has bounced in October from an eight-year low as a rapid recovery in Saudi Arabian production from attacks on oil plants more than offset losses in Ecuador and voluntary curbs under a supply pact, a Reuters survey found.
Initially expected to take months, Saudi Arabia’s production recovery from the Sept. 14 attacks took only weeks. Oil LCOc1 has slipped to $60 a barrel after a spike to $72 following the attacks, and analysts expect the kingdom to continue its efforts to support the market. The 11 OPEC members bound by the agreement, which now runs until March 2020, have been easily exceeding the pledged cuts. Compliance has fallen to 140% in October due to the rise in Saudi output, the survey found, from 222% in September.
After Ecuador, OPEC’s next largest supply drop was in Iraq, which has exported less crude from its northern ports according to the survey. OPEC’s second-largest producer is continuing to exceed its OPEC target.
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