Opec production rose by 220,000 b/d to 27.55mn b/d for October, marking the group’s slowest monthly rise in six months. The gains would have been lower still were it not for a substantial 170,000 b/d rise from Saudi Arabia, which offset production declines from struggling Nigeria and Angola.
Opec’s October production is now 3.36mn b/d above the same month last year, as the group continues to unwind the historic cuts made at the height of the Covid-19 pandemic in 2020. But if you ask major oil importers such as the US, India and Japan, the easing is not happening fast enough. (CONTINUED - 1004 WORDS)