Reuters' influential secondary sources survey
- Output up 190K bpd in Oct (vs +254K pledge)
- Saudi Arabia and Iraq led
- Nigeria and Libya declined
- Compliance with cuts rises to 118% from 114% previously
- Production was 27.50 mbpd
This survey covers OPEC, not OPEC+ so it's tough to read it clearly compared to the +400k bpd pledge.
Most countries met higher quotas but Congo and Equatorial Guinea didn't. The big swing was outages in Nigeria, cutting 70k bpd. Libya is not subject to quotas as it recovers from civil war but there were some issues there, including a pipeline leak.
WTI rose to $84.88 today but has pared that to $84.45. It remains just off the seven-year highs:
