OPEC+ cuts oil production below October target

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OPEC+ reduced its oil production by 283,000 barrels per day (bpd) in October, causing the alliance’s supply to fall short of its monthly target.

According to OPEC’s November report, the OPEC+ alliance produced 35.08 million bpd last month, excluding Libya, Iran, and Venezuela, which are exempt from the production agreement.

OPEC+ was expected to produce 35.24 million bpd, with all voluntary cuts and compensation schedules in place. However, actual production fell 154,000 bpd short of the target, according to Russia's TASS news agency.

Iraq, Russia, and Kazakhstan exceeded their monthly production targets by approximately 163,000, 42,000, and 87,000 bpd, respectively. Meanwhile, Iraq and Kazakhstan reduced their production by 66,000 and 292,000 bpd, respectively, during the month.