OPEC+ Data Deck (November 2024)
Quota participating OPEC+ output fell on heavy Kazakh maintenance as well as Iraq’s continued progress towards compliance, while overall output rose thanks to the end of the Libyan export blockade.
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Quota participating OPEC+ crude production fell another 275 kbpd in October, driven by heavy Kazakh maintenance and continued Iraqi progress towards coming into line with quota commitments.
Aggregate October output was nearly in line with the combined obligations of quotas and compensation cuts, though underproduction by some small members continues to offset ongoing—albeit now improving—overproduction.
Total OPEC+ output (including three non-quota-bound members) rose by 220 kbpd on the month thanks to the end to Libya’s export blockade and sharp >500 kbpd m/m rebound in Libyan shipments.
The producer group once again announced that it was delaying its scheduled December production liftoff for at least one month; but, all indications are that production won’t begin rising again anytime soon and the credibility of OPEC+’s forward guidance is collapsing.
[Further analysis and full OPEC+ Data Deck PDF report below paywall]