OPEC’s October Output Compliance Little Changed at 55%, IEA Says
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OPEC’s compliance with record supply cuts was little changed last month as production increases in six of its member countries offset declines in Iraq, Saudi Arabia and Venezuela, the International Energy Agency said.
The 11 members bound by quotas produced 26.72 million barrels a day last month, implying compliance of 55 percent, the Paris-based IEA said today in its monthly report. That’s down from a revised 56 percent for September. Supply from all 12 nations of the Organization of Petroleum Exporting Countries, including Iraq, fell by 40,000 barrels a day in October to average 29.15 million barrels daily, it said.