The OPEC monthly oil market report was released on Monday, shedding light on decreased oil production among the member-states.

Axar.az reports citing sputnik news.

Oil Production in October

The members of the Organization of the Petroleum Exporting Countries (OPEC) have decreased the oil production by 151,000 barrels daily (tb/d) to average 32.59 million barrels per day (mb/d) in October, comparable to the 2016 level, mainly due to declines in output in Iraq, Nigeria and Venezuela, as the organization said in its report published Monday.

"Crude oil output increased in Angola, Libya and Saudi Arabia, while production showed declines mainly in Iraq, Nigeria, Venezuela, Algeria and Iran," the organization’s monthly Oil Market Report for November read.

In particular, according to the OPEC data, crude oil output decreased by 131 tb/d to 4.38 mb/d in Iraq, and by 43.6 tb/d to 1.86 mb/d in Venezuela, while Nigeria’s production, which is exempt from oil cuts under the OPEC-non-OPEC deal, was down by 54.4 tb/d to 1.73mb/d in October.
In an effort to drive up oil demand and prices, as well as get rid of global crude stocks, OPEC and 10 other major oil producers agreed to limit its production by 1.8 mb/d starting from January 2017. The agreement was concluded for the first half of 2017, but in May was extended by another nine months until the end of March 2018.

Meanwhile, eleven out of 14 OPEC members that are participating in production quotas under the Vienna agreement have decreased their total production by 1.334 mb/d, up from the initially agreed-to 1.266 mb/d.