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The Organization of the Petroleum Exporting Countries (OPEC) announced Tuesday that eight out of 13 countries, including Saudi Arabia, decreased their oil production last October.
OPEC said in a report the production of OPEC member countries of oil dropped by 210,000 barrels per day (bpd) in the past month to reach 29.494 million bpd due to the low supplies from Saudi Arabia, Angola, and Congo.
The report showed that “the largest decrease is from Saudi Arabia (149,000 bpd) followed by Angola (78,000 bpd).
“Congo came third (19,000 bpd), then Kuwait (18,000 bpd), and Equatorial Guinea (14,000 bpd.).
The report indicated that “the most significant increase came respectively from Nigeria (33,000 bpd), Iraq (20,000 bpd), and Gabon (12,000 bpd.)
The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Zafiro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).
