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OIL: OPEC+ Cuts September Output by 0.5m b/d: Platts

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OPEC+ crude oil production fell 0.5m b/d on the month in September to 40.23m b/d, largely due toa major shutdown in Libya and cuts to Iraqi exports, a Platts survey showed.

  • The output cut will ease pressure on overproducers who have faced growing calls to comply with their quotas.
  • The survey showed that OPEC+ members exceeded 232k b/d above their collected target in September, but down from 327k b/d of overproduction in August.
  • Crude production from OPEC’s 13 members fell 520k b/d to 26.25m b/d in September, while output from the 10 OPEC+ allies rose 20k b/d to 13.98m b/d.
  • Libya contributed the biggest cut, with production down 410k b/d on the month due to shutdowns at its ports.
  • Iraq, the largest overproducer in 2024, reduced output by 130k b/d to 4.2m b/d. This is still 200k b/d above its quota.
  • Kazakhstan boosted output by 70k b/d after the Tengiz field returned from maintenance.
  • Russia’s output is now on par with Saudi Arabia at around 8.98m b/d.

 

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OPEC+ crude oil production fell 0.5m b/d on the month in September to 40.23m b/d, largely due toa major shutdown in Libya and cuts to Iraqi exports, a Platts survey showed.

  • The output cut will ease pressure on overproducers who have faced growing calls to comply with their quotas.
  • The survey showed that OPEC+ members exceeded 232k b/d above their collected target in September, but down from 327k b/d of overproduction in August.
  • Crude production from OPEC’s 13 members fell 520k b/d to 26.25m b/d in September, while output from the 10 OPEC+ allies rose 20k b/d to 13.98m b/d.
  • Libya contributed the biggest cut, with production down 410k b/d on the month due to shutdowns at its ports.
  • Iraq, the largest overproducer in 2024, reduced output by 130k b/d to 4.2m b/d. This is still 200k b/d above its quota.
  • Kazakhstan boosted output by 70k b/d after the Tengiz field returned from maintenance.
  • Russia’s output is now on par with Saudi Arabia at around 8.98m b/d.

 

Keep reading...Show less