OPEC Crude Production Down in October
OPEC 12 was down 256,000 bpd in October.
OPEC uses secondary sources such as Platts and other agencies to report their production numbers. I find these numbers far more useful than those reported by direct communication with the OPEC countries. Those numbers are political and usually highly inaccurate.
Algeria peaked in November 2007 – 2008 and has been in a steady decline since that point.
Angola has been holding steady since peaking in 2008 and 2010.
Ecuador appears to have peaked this year. It is likely production will be down, but only slightly, next year.
Iran appears to be poised to increase production when sanctions are lifted. But don’t expect too much very soon. After years of neglect, their infrastructure is in very bad shape.
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