LONDON, Sept 30 Reuters) – OPEC oil production rose in September to its highest level since 2020, beating the rise promised for the month, after production in Libya recovered from disruptions and Gulf members increased production as part of a deal with allies, according to a Reuters investigation found on Friday.
The Organization of the Petroleum Exporting Countries (OPEC) pumped 29.81 million barrels per day (bpd) this month, the survey found, up 210,000 bpd from August and the highest since April 2020.
OPEC and its allies, a group known as OPEC+, have been increasing output for months to reverse cuts made in 2020. But with oil prices weakening amid fears of recession, the bias has shifted to cuts for October and OPEC+ is expected to further tighten supply at a meeting on Wednesday. Read more
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“Discussions are underway with some support for a reduction of less than 1 million bpd,” an OPEC+ source said.
Their decision for September called for a 100,000 bpd increase in the group’s production target, of which about 64,000 bpd was to come from the 10 participating OPEC countries.
OPEC managed to exceed expectations with an increase of 130,000 bpd by participating members from August and an increase of 210,000 bpd by the 13 producers, according to the survey. Yet OPEC is still pumping far less than expected.
Production from the 10 members was 1.32 million bpd below the September target, compared to a shortfall of 1.4 million bpd in August.
Saudi Arabia, the top exporter, increased production by 50,000 bpd and hit its target of 11 million bpd, according to the survey.
Libya, one of the exempt members of OPEC’s production agreements, and Nigeria each increased supply by the same amount. Libyan production recovered further from the disruptions and tanker carriers noted an increase in Nigerian exports.
Production in Iraq, OPEC’s second largest producer, changed little, and the United Arab Emirates and Kuwait increased their supply in line with their objectives.
There was no significant drop in production in September, according to the survey.
The Reuters survey aims to track market supply. It is based on shipment data provided by external sources, flow data from Refinitiv Eikon, information from tanker trackers such as Petro-Logistics, and information provided by sources within oil companies, OPEC and consultants.
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Reporting by Alex Lawler, additional reporting by Ahmad Ghaddar; Editing by Emelia Sithole-Matarise
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