Opec+ issues October crude output quotas

: Crude oil
21/09/03

Opec+ has confirmed individual October crude production quotas for the 19 countries participating in its ongoing output restraint deal. On 1 September the group agreed to a 400,000 b/d increase in its collective output target next month compared with September.

The coalition decided to go ahead with the October hike — in line with a roadmap to unwind its cuts that was outlined in July — despite some pressure on demand in the short term. Further out, the group has revised its forecast for global oil demand growth in 2022 to 4.2mn b/d, from a previous 3.28mn b/d projection, according to an internal document compiled by the Opec+ Joint Technical Committee (JTC).

The group's de facto leaders, Saudi Arabia and Russia, have been set production quotas of just over 9.8mn b/d next month. Saudi Arabia's state-controlled Saudi Aramco is expected to release its official formula prices for October-loading crude exports in the coming days.

Some members of the group — such as Nigeria and Angola — may struggle to meet their higher targets. In Angola, a lack of investment and natural decline at mature fields drove crude output to the lowest in around 15 years in July, while production growth in Nigeria is proving a challenge because of infrastructure issues.

Opec members Iran, Venezuela and Libya remain exempt from the restraint agreement.

By Ruxandra Iordache

Opec+ quotas				mn b/d
Country	Baseline	August	September	October
Saudi Arabia	11.000	9.600	9.704	9.809
Iraq	4.653	4.061	4.105	4.149
Kuwait	2.809	2.451	2.478	2.505
UAE	3.168	2.765	2.795	2.825
Algeria	1.057	0.922	0.932	0.942
Nigeria	1.829	1.596	1.614	1.631
Angola	1.528	1.333	1.348	1.363
Congo (Brazzaville)	0.325	0.284	0.287	0.290
Gabon	0.187	0.163	0.165	0.166
Equatorial Guinea	0.127	0.111	0.112	0.114
Opec total	26.683	23.286	23.540	23.794
Russia	11.000	9.600	9.704	9.809
Oman	0.883	0.771	0.779	0.787
Azerbaijan	0.718	0.627	0.633	0.640
Kazakhstan	1.709	1.491	1.508	1.524
Malaysia	0.595	0.519	0.525	0.531
Bahrain	0.205	0.179	0.181	0.183
Brunei	0.102	0.089	0.090	0.091
Sudan	0.075	0.065	0.066	0.067
South Sudan	0.130	0.113	0.115	0.116
Non-Opec total	17.170	13.454	13.601	13.747
Opec+ total	43.853	36.740	37.141	37.541
Source: Opec document

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