OPEC oil supply climbs in October

31 October 2010

Higher crude oil supply from Angola has prompted OPEC member states to increase supplies in October, reducing adherence to agreed output targets, Reuters has reported. Supply from the 11 OPEC members with output targets, all except Iraq, has averaged 26.79 million barrels per day this month, up from 26.63 million bpd in September, according to a Reuters survey of oil companies, OPEC officials and analysts. “The primary reason for the increase is Angola as well as smaller increases from Nigeria and Iran, but this is largely offset by the drop in Iraq,” Daniel Gerber of Petrologistics, a Geneva-based oil consultant, told the news service.

Higher crude oil supply from Angola has prompted OPEC member states to increase supplies in October, reducing adherence to agreed output targets, Reuters has reported. Supply from the 11 OPEC members with output targets, all except Iraq, has averaged 26.79 million barrels per day this month, up from 26.63 million bpd in September, according to a Reuters survey of oil companies, OPEC officials and analysts. “The primary reason for the increase is Angola as well as smaller increases from Nigeria and Iran, but this is largely offset by the drop in Iraq,” Daniel Gerber of Petrologistics, a Geneva-based oil consultant, told the news service.

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