Data for the OPEC charts below were taken from the October OPEC Monthly Oil Market Report OPEC 14 crude oil production was down1,318,000 barrels per day in September. Most of that decline was due to the Iranian attack on the Saudi oil complex at Abqaiq. Algeria is in slow decline. Angola is also in slow decline. The Republic of the Congo does not have enough production to be a factor one way or the other. Ecuador will leave OPEC at the end of December. Equatorial Guinea hardly produces enough to make a difference. Gabon is at 200 kb/d. Iran is trying desperately to overcome sanctions but is not having a lot of luck. Iraqi crude production was down 60,000 bpd in September but they are still 212,000 bpd above their quota. I believe Kuwait is producing flat out and will continue a slow decline. That is except for the […]