"Russian crude output rose 30 kb/d to 9.53 mb/d in October. Moscow promised to curb oil exports by 300 kb/d from September through the end of 2023, but preliminary estimates show total crude and product exports of 7.5 mb/d compared with the May-June average of 7.6 mb/d," the report read.
The IEA also stated in the report that Russia decreased its oil exports in October by 70,000 barrels per day to 7.5 million barrels per day, "as higher crude oil shipments failed to offset a decline in product flows."
"Estimated export revenues fell by $25 million to $18.34 billion as lower international oil prices more than offset a narrowing discount for Russian grades versus North Sea Dated. Russian crude and product prices, apart from gasoline and VGO, were above the G7 Price Cap," the report added.
OECD Commercial Oil Inventories Up by 1.8Mln Barrels in September
The reserves of the commercial oil and oil products of the Organization for Economic Co-operation and Development (OECD) has increased by 1.8 million barrels in September, the IEA highlighted.
“OECD commercial inventories edged up by 1.8 mb in September. At 2 831 mb, they were at the highest level since July 2021 but remained 71.2 mb below the five-year average,” the report emphasized.
2023 Global Oil Output Set to Climb to Record 101.8Mln Bpd
The IEA has upgraded its forecast for the global oil production in 2023, expecting an increase by 1.7 million barrels per day to the record 101.8 million barrels per day, according to the report.
"World oil output increased by 320 kb/d in October to 102 mb/d. Growth in the United States and Brazil is outperforming forecasts, helping to propel global supply higher by 1.7 mb/d to a record 101.8 mb/d in 2023," the report read.
OPEC+ Oil Production Reaches 36.51Mln Bpd in October
The oil production in the OPEC+ alliance increased by 70,000 barrels per day in October compared to the previous month and reached 36.51 million barrels per day, the report stated.
According to the IEA data, the 19 member countries produced 36.51 million barrels per day in October. In September, their production was 36.44 million barrels, thus, over the month it increased by 70,000 barrels per day.
The target level of production, within the quotas, is 36.92 million, therefore, the difference between the quota and real production was 0.41 million barrels per day.