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OPEC+ members with quotas cut crude output by 90,000 barrels per day in October to 38.52 million b/d, according to Energy Intelligence. Including four members without quotas, total output was 44.59 million b/d, down 130,000 b/d from September, mainly due to lower Venezuelan barrels.
The result was close to the 100,000 b/d cut agreed in early September.
Output falling in line with the agreed cut means supply is tightening only as planned, with no surprise shift for crude prices. The decline in Venezuelan barrels points to a supply loss outside the quota system.
energyintel.comAuthor Gary Peach, New York Editor John van SchaikNov 21, 2022After 41 past neutral report events, Crude Oil (Brent) moved a median -1.4% over 5 sessions (41% higher; middle half -4.0% to +1.9%), and +1.8% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
