Opec oil production has increased for the third month in a row

A recent Reuters survey showed that in October, Opec crude oil production has increased for the third consecutive month. The analysis points out that the main reason is the increase in crude oil production in Nigeria and Angola. In October, Opec crude oil production was 27.9 million barrels per day, an increase of 180,000 barrels per day from September.

Although countries such as Saudi Arabia continue to implement production cuts, Opec's crude oil production is increasing. The main reason for this is that some oil-producing countries are overcoming the impact of supply constraints such as U.S. sanctions. Crude oil production from the 10 members of the Opec + agreement rose by 150,000 barrels per day in October.