OPEC+ countries cut output by 40,000 bpd in October: IEA

OPEC+ countries in October 2022 reduced oil production by 40,000 barrels per day (bpd) and now fall behind the planned production targets by 3.22 mln bpd, according to a November report from the International Energy Agency (IEA).
 
The volume of oil production by the members of the alliance decreased by 30,000 bpd compared to September to 38.88 mln bpd. At the same time, the target level of production by OPEC+ countries for September reached 42.1 mln bpd.
 
At the same time, inventories of oil and petroleum products in the countries of the Organization for Economic Cooperation and Development (OECD) in September fell below 4 bln barrels for the first time since 2004, the IEA said.
 
Commercial oil reserves in the OECD countries decreased by 8 mln barrels, national - by 37.4 mln barrels. Meanwhile, world stocks fell by 14.2 mln barrels in September.