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OPEC oil supply fell in October for a second consecutive month as Saudi Arabia and Iran trimmed production and maintenance curbed supply in the United Arab Emirates, a Reuters survey showed on Monday.
The survey of oil firms, OPEC officials and analysts found that the Organization of the Petroleum Exporting Countries, excluding Iraq, is trimming output back to official target levels, in line with a Sept. 10 deal to prop up prices.
Supply from OPEC fell to 32.23 million barrels per day in October from 32.34 million bpd in September, according to the survey.
Output is set to fall further later in the year as OPEC implements an Oct. 24 agreement to curb output further.
"Due to logistical constraints like shipping and production at the wellhead, the visible impact of cuts will not become apparent until December or early January," said Harry Tchilinguirian, senior oil analyst at BNP Paribas.
October's decline was due to lower shipments from the group's top two producers Saudi Arabia and Iran, and a drop in supply in the United Arab Emirates due to maintenance work.
The UAE will reduce oil output by 150,000 to 200,000 bpd for 40 days in October and November for maintenance, according to officials at state oil company ADNOC.
OPEC pumps about two in every five barrels of oil.
Still Above Target
The 12 members bound by output targets, all except Iraq, pumped 29.98 million bpd, above their target of 29.67 million bpd, the survey found.
Output is set to fall further, from November, following OPEC's decision on Oct. 24 to cut production by 1.5 million bpd in response to a steep fall in prices to about $66 a barrel from July's record high of $147.27.
From Nov. 1, the production target for 11 OPEC members will drop to 27.3 million bpd.
Higher supply elsewhere in the group in October partly offset the declines.
Angolan production is expected to rise by about 100,000 bpd because the BP-led Plutonio field returned to service after maintenance work in mid-October.
Iraqi exports are rising from the country's south, boosting supply to 225 million bpd from 2.21 million in September.
OPEC agreed at a meeting on Sept. 9-10 to adopt a production ceiling of 28.8 million bpd for 11 members, all except Indonesia and Iraq.
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Data is a real-time snapshot *Data is delayed at least 15 minutes