MNI China Daily Summary: Wednesday, December 11

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OIL: OPEC Output Slips 390kbd in September: Reuters Survey

OIL
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OPEC output fell to its lowest this year in September according to a Reuters survey on Thursday as a Libyan reduction and increased Iraqi compliance tightened volumes. 

  • OPEC pumped 26.14 million bpd last month - down 390,000 bpd from August's revised total.
  • Libya made the bulk of the drop but is exempt from OPEC quotas.
  • OPEC pumped about 130,000 bpd more than the implied target for the nine members covered by supply cut agreements, with Iraq still accounting for the bulk of the excess despite it reducing production. 
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OPEC output fell to its lowest this year in September according to a Reuters survey on Thursday as a Libyan reduction and increased Iraqi compliance tightened volumes. 

  • OPEC pumped 26.14 million bpd last month - down 390,000 bpd from August's revised total.
  • Libya made the bulk of the drop but is exempt from OPEC quotas.
  • OPEC pumped about 130,000 bpd more than the implied target for the nine members covered by supply cut agreements, with Iraq still accounting for the bulk of the excess despite it reducing production.