OPEC oil output rose in September to its highest since 2020, surpassing a pledged hike for the month, after production in Libya recovered from disruption and Gulf members boosted output under a deal with allies, a Reuters survey found on Sept. 30.
OPEC has pumped 29.81 million bbl/d this month, the survey found, up 210,000 bbl/d from August and the highest since April 2020.
OPEC and its allies, a grouping known as OPEC+, has been boosting output for months to unwind cuts made in 2020. But with oil prices weakening amid concern of recession, the bias shifted to cuts for October and OPEC+ looks set to tighten supply further at a meeting on Oct. 5.
“There are talks going on with some support for a cut of less than 1 million bbl/d,” an OPEC+ source said.
Their decision for September called for a 100,000 bbl/d increase in the group’s output target, of which about 64,000 bbl/d was meant to come from the 10 participating OPEC countries.
OPEC managed to over-deliver on this with a 130,000 bbl/d increase by participating members from August and the 210,000 bbl/d hike by all 13 producers, the survey found. Still, OPEC is pumping far less than called for.
Output from the 10 members was 1.32 million bbl/d below the September target, versus a 1.4 million bbl/d shortfall in August.
Top exporter Saudi Arabia raised output by 50,000 bbl/d and reached its target of 11 million bbl/d, the survey found.
Libya, one of the members exempt from OPEC output agreements, and Nigeria each boosted supply by the same volume. Libyan output recovered further from disruption and tanker-trackers noted an increase in Nigerian exports.
Output in Iraq, OPEC’s second-largest producer, was little changed, and the United Arab Emirates and Kuwait increased supply in line with their targets.
There were no significant declines in output during September, the survey found.
The Reuters survey aims to track supply to the market. It is based on shipping data provided by external sources, Refinitiv Eikon flows data, information from tanker trackers such as Petro-Logistics, and information provided by sources at oil companies, OPEC and consultants.
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