Opec posted a second consecutive monthly fall in output for October, with crude oil production dropping by around 60,000 b/d to 29.77mn b/d. The reduction was driven by the 100,000 b/d cut to Opec+ quotas for the month, of which Opec’s share was 66,000 b/d (MEES, 9 September).
The output drop was just the scene-setter for a much sharper fall for November. Opec+ controversially opted to cut quotas by 2mn b/d from this month (MEES, 7 October), although actual cuts will be significantly less than this as most members were already underproducing. Actual cuts are likely to be around 1mn b/d, of which more than 95% will come from Opec. (CONTINUED - 1030 WORDS)
