Nigeria, Iraq, others lead OPEC oil output fall in October

OPEC oil output fell this month by 80,000 barrels per day (bpd), a Reuters survey found, as exports from northern Iraq dropped and other producers maintained adherence to a supply cut deal.

OPEC’s adherence to its pledged supply curbs rose to 92 percent from September’s 86 percent, the survey found, as top exporter Saudi Arabia continued to pump below its OPEC target and output in Venezuela, in economic depression, declined further.

The drop in Iraqi output has helped support prices. Benchmark Brent crude on Friday topped $60 a barrel, a price that Saudi Arabia sees as a good level, for the first time since 2015. Combined supply from Nigeria and Libya, the two producers exempt from the cut whose extra barrels helped OPEC output reach a 2017 high in July, was flat in October, the survey found.

Nigerian output slipped by 70,000 bpd. Exports of Bonny Light crude were under force majeure for part of the month and traders said loadings of some other grades, including Qua Iboe and Forcados, faced delays.

In contrast, Libya pumped an extra 70,000 bpd this month due to more stable output from the Sharara oilfield, Libya’s largest. Libyan output remains volatile and, on average, below levels seen earlier this year.

The OPEC is reducing output by about 1.2 million bpd until March next year, as part of a deal with Russia and other producers, which have also committed to production cuts.