Platts: OPEC's Oil Output at 28.83MM B/D in September

The Organization of the Petroleum Exporting Countries (OPEC) crude oil production averaged 28.83 million barrels per day (b/d) in September, up 40,000 b/d from August's 28.79 million b/d, a Platts survey of OPEC and oil industry sources and analysts showed October 8.

"Production has risen again but mainly because of higher volumes from Angola and Nigeria, the latter aided by a decline in militant attacks on oil installations in the Niger Delta, the country's main producing area," said John Kingston, Platts global director of oil. "Once again, quota compliance has fallen, but OPEC does not appear to be unduly concerned. It's hoping to steer clear of taking any output actions that might jeopardize global economic conditions."

Increases from Angola and Nigeria totalling 150,000 b/d were offset by decreases from Ecuador, Iran, Iraq, Saudi Arabia, the UAE and Venezuela totalling 110,000 b/d.

Excluding Iraq, which does not participate in OPEC output agreements, production from the OPEC-11, the members bound by quotas, rose by 90,000 b/d to 26.33 million b/d in September, up from 26.24 million b/d in August. The latest estimates leave the OPEC-11 overproducing their 24.845 million b/d output target by about 1.49 million b/d.

Compliance with the 4.2 million b/d of cuts agreed late last year has been declining since April alongside a broad firming of oil prices. Having peaked at close to 82% in March, compliance fell to 64.6% in September, Platts calculates.

In September, OPEC rolled over its official output target for the third time this year, saying that although the outlook for fundamentals was gloomy, it did not want to take any action on production that might endanger global economic recovery.

Algerian oil minister Chakib Khelil said on October 7 he did not expect the group to increase official quotas at its next scheduled meeting of December 22 because the world economy is not strong enough to need extra supply.

Late last month, Saudi oil minister Ali Naimi told U.S. broadcaster PBS that while he believed the global economy was on the road to recovery, which was already translating into higher demand for energy; he saw no reason for OPEC to adjust official output limits at its December meeting.


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Brent Crude Oil : $51.78/BBL 0.77%
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