OPEC+ countries increase oil output in October

OPEC+ countries participating in the oil production cut agreement in October 2021 increased their output by 490,000 barrels per day, to 36.82 million barrels, mainly at the expense of Saudi Arabia and Russia, according to the November report of the International Energy Agency (IEA), Report informs referring to TASS.

In October, Saudi Arabia increased oil production to 9.8 million barrels per day compared to 9.68 million barrels in September. However, the kingdom is still overfulfilling its target of a 1% oil production cut.

Ten OPEC countries in October fulfilled the agreement by 124% of the plan, the non-OPEC countries implemented the deal by 103%. Countries participating in the OPEC+ agreement met their targets for a 116% cut in October.