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OPEC oil output edged up in September


The Organization of the Petroleum Exporting Countries (OPEC) oil production has risen for a third month in September, a Reuters survey found.

This comes as a restart of some Libyan installations and higher Iranian exports offset strong adherence by other members to an OPEC-led supply cut deal.

The survey found that OPEC pumped 24.38 million bpd on average in September, up 160,000 bpd from August’s revised figure and a further boost from the three-decade low reached in June.

An increase in OPEC supply since August and concerns of a new demand hit as coronavirus cases rise have weighed on oil prices, which have fallen 10% in September to near $40 a barrel. OPEC is monitoring Libyan output, which has failed to sustain restarts in the past.

Libya and Iran are two of the OPEC members exempt from a supply pact by OPEC and allies including Russia, known as OPEC+. The pact has helped to boost prices in 2020 from historic lows in April as the coronavirus crisis destroyed demand.

OPEC+ from May 1 made a record cut of 9.7 million bpd, or10% of global output. Since August, the group has been pumping more as the cut tapered to 7.7 million bpd due to a partial demand recovery, of which OPEC’s share is 4.868 million bpd.

In September, the 13-member Organization of the Petroleum Exporting Countries bound by the deal delivered 101% of the pledged reduction, the survey found, up from 100% in August.

Source Reuters
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