OPEC Raised Oil Production In September But Remained Below Target

Cat:

Related stories

Tinubu Departs Saint Lucia, Heads to Brazil for BRICS Summit

By Abiola Olawale President Bola Ahmed Tinubu departed Saint Lucia...

2027: Drama, Intrigues as Julius Abure Tells Otti to Quit Labour Party

By Abiola Olawale In a dramatic turn of events, Barrister...

FG Secures $100m for Lagos-Calabar Project from ECOWAS Bank

By Abiola Olawale The Nigerian government has reportedly secured a...

Ex- Arsenal Star Thomas Partey Faces Rape, Sexual Assault Charges in UK

By Abiola Olawale The Metropolitan Police have formally charged former...

Edwin Cortes: Prefers Being A Small Puerto Rican Than Big American

By Owei Lakemfa To be a citizen of the United...

OPEC raised its crude oil production by 146,000 barrels per day (bpd) in September compared to August, but the ten OPEC members in the OPEC+ pact still had their total output well below the target level under the agreement.

OPEC’s oil production rose to 29.767 million bpd last month, according to secondary sources in the cartel’s closely watched Monthly Oil Market Report (MOMR) published on Wednesday.

That’s the highest OPEC production level since April 2020, when OPEC’s de facto leader Saudi Arabia and non-OPEC Russia briefly broke the OPEC+ pact and engaged in a price war as demand was crashing with the start of the lockdowns during the pandemic.

In September 2022, crude oil output increased mainly in Saudi Arabia, Nigeria, Libya, and the UAE, while production in Iraq, Venezuela, and Iran declined, OPEC said in its report.

Libya has recovered most of the oil production lost to port blockades in the previous months, but the North African producer is exempted from the OPEC+ cuts and targets due to the frequent instability at oil terminals.

Despite the fact that Nigeria boosted its oil production by 31,000 bpd in September, it is massively lagging behind its quota, and its oil production is at the lowest level in at least three decades.

According to OPEC’s secondary sources, Saudi Arabia, OPEC’s top producer, pumped 10.991 million bpd last month, up by 82,000 bpd from August, and around 40,000 bpd shy of its September target of 11.030 million bpd. The Saudis self-reported production of 11.041 million bpd for September.

Despite the rise in production last month, OPEC and the wider OPEC+ group that includes Russia are still estimated to be around 3.6 million bpd below the collective target.

Last week, OPEC+ announced the biggest cut to its target since 2020. Despite the headline number of a cut of 2 million bpd, the actual reduction from current OPEC+ oil production would be half that figure, at around 1 million bpd-1.1 million bpd. That’s because many producers haven’t been able to produce to their quotas for months. NB:Tsvetana Paraskova wrote this article for Oilprice.com

Tsvetana Paraskova
Tsvetana Paraskova
Hamilton Nwosa is an experienced, and committed communication, business, administrative, data and research specialist . His deep knowledge of the intersection between communication, business, data, and journalism are quite profound. His passion for professional excellence remains the guiding principle of his work, and in the course of his career spanning sectors such as administration, tourism, business management, communication and journalism, Hamilton has won key awards. He is a delightful writer, researcher and data analyst. He loves team-work, problem-solving, organizational management, communication strategy, and enjoys travelling. He can be reached at: hamilton_68@yahoo.com

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

Latest stories

NDN
Latest News
Tinubu Departs Saint Lucia, Heads to Brazil for BRICS Summit2027: Drama, Intrigues as Julius Abure Tells Otti to Quit Labour PartyFG Secures $100m for Lagos-Calabar Project from ECOWAS BankEx- Arsenal Star Thomas Partey Faces Rape, Sexual Assault Charges in UKEdwin Cortes: Prefers Being A Small Puerto Rican Than Big AmericanJune 12 And The International Pursuit of Justice For Abiola, By Femi FalanaBreaking Down the West’s $146 Billion 2024 Defence Technology InvestmentG7 vs. the World: GDP, Population, and Military StrengthUS drillers cut oil and gas rigs for 10th week in a row, Baker Hughes saysExclusive! Tinubu Tips Late Ajimobi's Wife, Florence, Others for Ambassadorial PostsTinubu Mourns, Pays Tribute to Legendary Super Eagles Goalkeeper Peter RufaiNatasha vs Akpabio: Court Orders Senate President To Recall Senator NatashaHadi Sirika Denies Defection to ADC Coalition Rumors, Reaffirms Loyalty to Buhari, APCChina Snubs U.S. Crude for Third Month, Even as Ethane Trade RestartsHow Super Eagles Icon Peter Rufai passed Away at 61
X whatsapp