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OPEC+ produced 3.2 mln bpd less in October than allowed under oil deal-IEA

15 November 2022 14:32 (UTC +04:00)

OPEC+ has failed to ensure oil production growth necessary under the alliance's oil output cut deal in October, producing 3.2 million barrels per day less, the International Energy Agency (IEA) said in its fresh report on Tuesday, APA-Economics reports.

OPEC+ unanimously agreed in October to take 2 million barrels of oil per day off the market, starting November, in response to uncertainty in global energy markets.

"Our current estimate is for a decrease of around 800 kb/d. That should narrow the gap between the bloc's supply and official target to roughly 2 mb/d from 3.2 mb/d in October, the report read.