Breaking News
Investing Pro 0
Cyber Monday SALE: Up to 54% OFF InvestingPro+ CLAIM OFFER

OPEC oil output in Sept hits highest since 2020 - survey

Commodities Sep 30, 2022 09:50AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. FILE PHOTO: The logo of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna March 16, 2010. REUTERS/Heinz-Peter Bader/File Photo

By Alex Lawler

LONDON Reuters) - 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 Friday.

The Organization of the Petroleum Exporting Countries (OPEC) has 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 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 Wednesday.

"There are talks going on with some support for a cut 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 output target, of which about 64,000 bpd was meant to come from the 10 participating OPEC countries.

OPEC managed to over-deliver on this with a 130,000 bpd increase by participating members from August and the 210,000 bpd hike by all 13 producers, the survey found. Stil, OPEC is still pumping far less than called for.

Output from the 10 members was 1.32 million bpd below the September target, versus a 1.4 million bpd shortfall in August.

Top exporter Saudi Arabia raised output by 50,000 bpd and reached its target of 11 million bpd, 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.

OPEC oil output in Sept hits highest since 2020 - survey
 

Related Articles

Cuba wins China debt relief, new funds
Cuba wins China debt relief, new funds By Reuters - Nov 27, 2022

By Marc Frank HAVANA (Reuters) - China has agreed to restructure Cuban debt and provide new trade and investment credits to the beleaguered Caribbean Island nation after a meeting...

Energy & precious metals - weekly review and outlook
Energy & precious metals - weekly review and outlook By Investing.com - Nov 27, 2022 15

By Barani Krishnan Investing.com - When you hear it from Jim Cramer, you know enough people are talking about it. From oil-producing nations to day traders who are long crude,...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email