Opec crude oil production fell to 31.40mn b/d in October, down by 450,000 b/d from 31.86mn b/d in September according to MEES estimates. The fall, the largest since October 2014, was largely driven by Saudi Arabia and Iraq, with production in the latter dropping by 390,000 b/d.
Although production from the group’s top producer, Saudi Arabia, fell by 90,000 b/d, as domestic demand weakens further from its summer peak, it remains historically high at 10.15mn b/d. Saudi Arabia has now been running at record levels of more than 10mn b/d since March. Despite production falling in the past two months, it remains 540,000 b/d above November 2014 levels (MEES, 30 October). (CONTINUED - 1037 WORDS)