OPEC's oil production of 14 member countries this month was 29.59 million barrels / day, an increase of 690000 barrels / day compared with the revised data in September, which recorded the lowest monthly output of OPEC since 2011.
Initially, Saudi Arabia was expected to take months to resume production after the attacks on September 14, but it took only a few weeks. Oil prices have fallen to $60 / barrel from $72 / barrel after the attack, and analysts expect Saudi Arabia to continue its efforts to support the market.
"Saudi Arabia will increase production reduction when necessary to maintain the balance of the oil market and ensure that oil prices remain stable at least," said Carsten Fritsch, an analyst at Commerzbank.
OPEC, Russia and other oil producing allies, the so-called OPEC +, cut production by 1.2 million barrels a day from January 1. OPEC's share of production reduction is 800000 barrels per day, which is shared by 11 member countries, with Iran, Libya and Venezuela not participating.
The survey found that 11 OPEC members bound by the agreement easily exceeded their production reduction commitments. The implementation rate of production reduction in October fell to 140% from 222% in September, due to the increase in Saudi production. The production reduction agreement will last until March 2020.
Ecuador, the country with the most production cuts at OPEC, stopped oil sales on October 9 after at least 20 oil fields were shut down in protest against government austerity measures.
Ecuador's national oil company Petroecuador resumed crude oil exports on October 20.
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