A Reuters survey on Thursday shows September oil production from OPEC dropping to its lowest point this year
, at 26.14 million barrels per day, down nearly 400,000 bpd from the previous month, primarily due to disruptions in Libya. In August, OPEC produced 390,000 bpd more than in September, according to the Reuters survey, with Libya accounting for around 300,000 bpd of that and Nigeria responsible for 40,000 bpd, while Iraq continued to produce at 90,000 bpd above quota.
The end of this Libyan crisis will lead to the return of a few hundred thousand barrels of crude per day to the market, which is currently fearing a supply shock from the Middle East on the brink of an all-out war. Late last week, Libya’s rival governments reached a deal in UN-mediated talks over the election of the Central Bank’s leadership, paving the way to restoring oil production and exports.
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