According to a Reuters survey released on Friday, OPEC oil production increased in September to its highest level since 2020, above the increase promised for that month as Libyan production rebounded and Gulf members increased production in accordance with an OPEC + agreement.
The Organization of the Petroleum Exporting Countries (OPEC) pumped 29. 81 million barrels per day in September, up 210,000 barrels per day from August and the most since April 2020, according to the survey.
With weak oil prices and concerns about a recession, OPEC and its allies within the framework of the so-called OPEC + group have been increasing production for a number of months to reverse the cuts they imposed in 2020. However, in October, with indications that OPEC + will reduce supplies, it changed its directions to reduce.
There are ongoing discussions with some support for a production cut of less than one million barrels per day, according to an OPEC+ source.
The group had agreed to increase the goal production in September by 100,000 barrels per day, with roughly 64,000 of those barrels per day expected to come from the ten OPEC nations who were present.
According to the poll, OPEC was able to surpass the target rate thanks to an increase of 130,000 barrels per day from participating members in August and a total rise of 210,000 barrels per day from all 13 producers. However, OPEC continues to pump significantly less than is required.
In September, the 10 members’ production fell short of the target rate by 1.32 million barrels per day, compared to 1.4 million in August.
The greatest oil exporter in the world, Saudi Arabia, raised its output by 50,000 barrels per day and achieved its goal of 11 million barrels per day, according to the poll.
Nigeria and Libya, both of which are exempt from the terms of the OPEC production agreements, increased supply to the same degree, and Libyan production resumed following incidents that delayed shipments. Companies that monitor the movement of tankers also noted a rise in Nigerian exports.
The UAE and Kuwait increased their supplies in line with their production goals, and production in Iraq, the second-largest producer in OPEC, barely moved.
The Reuters poll, which tracks market supply, is based on information from sources at oil firms, OPEC, and consultancies as well as shipping data from outside sources, flow data from Refinitiv Eikon, and sources at those organisations.
In September, OPEC production increased to its highest level since 2020.
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