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OIL: OPEC Output Fell 480kb/d in September on Drop in Libya Supply

OIL
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OPEC’s crude production fell by 480kb/d to 26.61mb/d in September, according to a Bloomberg survey as Libyan output plunged by 38% to offset higher UAE supply.

  • Libya exports initially slumped after authorities in the eastern part of the country ordered ports to stop operations at the end of August due to stalemate over control of the central bank.
  • The cut in Libyan output has provided support to markets but the country in now preparing to restart oil production after an agreement was made over a new head of the central bank according to Reuters sources on Oct. 1.
  • Iraq’s production fell closer to target by 70kb/d to 4.25mb/d in September but still above the OPEC+ 4mb/d quota.
  • The UAE raised output by 50kb/d to 3.22mb/d and about 308kb/d above target.
  • Revised August data showed Iran at a six-year high of 3.37mb/d although eased by 30kb/d in September.
  • The OPEC JMMC monitoring committee, that can recommend changes to the group, meets on Oct. 2 but delegates said they don’t expect any changes to the group’s policy to return some supply from December, according to Bloomberg. JMMC focus likely on compliance with production targets from members such as Iraq and Kazakhstan, the delegates said.
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OPEC’s crude production fell by 480kb/d to 26.61mb/d in September, according to a Bloomberg survey as Libyan output plunged by 38% to offset higher UAE supply.

  • Libya exports initially slumped after authorities in the eastern part of the country ordered ports to stop operations at the end of August due to stalemate over control of the central bank.
  • The cut in Libyan output has provided support to markets but the country in now preparing to restart oil production after an agreement was made over a new head of the central bank according to Reuters sources on Oct. 1.
  • Iraq’s production fell closer to target by 70kb/d to 4.25mb/d in September but still above the OPEC+ 4mb/d quota.
  • The UAE raised output by 50kb/d to 3.22mb/d and about 308kb/d above target.
  • Revised August data showed Iran at a six-year high of 3.37mb/d although eased by 30kb/d in September.
  • The OPEC JMMC monitoring committee, that can recommend changes to the group, meets on Oct. 2 but delegates said they don’t expect any changes to the group’s policy to return some supply from December, according to Bloomberg. JMMC focus likely on compliance with production targets from members such as Iraq and Kazakhstan, the delegates said.