OPEC oil production fell significantly in September due to a halt in Libya's output and improved compliance from Iraq.
OPEC ’s crude oil production slumped by 604,000 barrels per day bpd in September compared to August, as Libya ’s output was largely halted amid a political standoff and Iraq moved to improve compliance with the OPEC cuts. All 12 OPEC producers pumped on average 26.04 million bpd of crude last month, down by 604,000 bpd from August, due to a 410,000 bpd plunge in Libya n output, OPEC ’s Monthly Oil Market Report MOMR showed on Monday.
However, that’s still more than 100,000 bpd higher compared to Iraq’s pledge to keep output capped at around 4 million bpd. Saudi Arabia, OPEC’s top producer, continued to keep its promise to have output at around 9 million bpd. In September, the Kingdom’s crude oil production averaged 8.971 million bpd, down by 23,000 bpd from August. Iran, exempted from the OPEC cuts due to the U.S. sanctions on its oil industry, saw its production rise by 21,000 bpd to an average of 3.
Oil Production Libya Iraq OPEC Crude Oil Compliance Production Cuts Oil Market Supply
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