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MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
OIL
OPEC+ crude oil production increased by 333kbpd in September to 40.85mbpd, amid higher output from Nigeria, Iran and Kazakhstan according to a Platts survey.
- The OPEC countries collectively pumped 27.76mbpd, up from 27.53mbpd in August.
- September output from Nigeria saw an increase of 100kbpd on the month to 1.48mbpd due to the full resumption of Forcados grade exports.
- Iran’s crude oil production hit 3.01mbpd in September, up from 2.95mbpd in August, the highest since October 2018.
- Kazakhstan also increased output by 90kbpd to 1.54mbpd in September as maintenance at the Tengiz field concluded.
- Saudi Arabia’s output also edged higher on the month to 9.01mbpd in September, up from 8.95mbpd in August.
- Crude production from Russia also increased by 30kbpd on the month to 9.43mbpd. Russia's seaborne crude exports rose 10% month on month in September to 3.37mbpd-- the highest level since June.
- Despite the month-on-month production hike, the 19 OPEC+ alliance members with quotas are collectively undershooting their targeted production by 856kbpd, primarily because African producers are unable to pump to their agreed level.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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