That helps to explain the drop in oil prices
OPEC output rose 390K bpd in October versus September
Output hits 33.31 mbpd, highest since Dec 2016
UAE, Libya and Saudi Arabia boosted output while Venezuela and Iran cut production
Iran output fell to 3.35 mbpd vs 3.45 mbpd prior
Saudi production 10.65 mbpd vs 10.53 mbpd prior
Venezuela 1.18 mbpd vs 1.25 mpbd prior
UAE 3.25 mbpd vs 3.05 mbpd prior
UAE and Saudi Arabia produced significantly over quota while Iran and Venezuela were under it. Overall, OPEC still producing at less than its overall target but cut compliance is down to 107% from 122%.
I highly doubt that the UAE and Saudi Arabia can keep up at these levels and we'll see what happens to Iran when the sanctions kick in. There's some thinking that the Saudis were working with Trump to keep gasoline prices down ahead of the midterms, then they'll announce lower quotas or simply produce less.
These numbers are from the Reuters survey, which is the most-watched in the industry.
