OPEC+increased its total output by 170000 b/d last month, Saudi Arabia and Iraq also increased their output, but the output of Nigeria and Angola was the lowest level in 34 years.

The survey found that although the output of OPEC+reached the highest level in two and a half years, the daily output of the organization was still about 3.6 million barrels lower than its collective goal.

The output of OPEC+is also nearly 3.6 million barrels/day lower than the target in August. It is widely expected that the organization will fail to meet the output targets in August and September. Previously, the organization decided to accelerate the production reduction and completely lift the production reduction before the end of August, and then raised the output target in September by 100000 barrels per day.

In September, 13 OPEC member countries - these countries are not subject to OPEC+quota restrictions, and their daily output increased by 190000 barrels compared with August. OPEC's daily output reached 29.75 million barrels in September.

The daily output of non OPEC partners in the OPEC+agreement fell by 20000 barrels in September to 13.26 million barrels.

The actual leader of OPEC, Saudi Arabia, is close to its quota of 11.03 million barrels per day.

Last week, OPEC+announced the largest reduction in collective targets since 2020. Although the overall production reduction is 2 million barrels/day, the actual production reduction of OPEC+oil production will be half of this figure, about 1 million barrels/day - 1.1 million barrels/day. This is because many manufacturers have failed to produce according to their quotas for several months.