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OPEC+ Underproducing Despite September Output Rise

OIL

OPEC crude output rose 230kbpd to 29.89mbpd in September according to a Bloomberg survey and by 210kbpd to 29.81mbpd according to Reuters. The production increase was led by a recovery in Libya and higher output from Saudi Arabia and Nigeria.

  • Many OPEC members are sill underproducing with OPEC under by approximately 1.3mbpd and OPEC+ by nearly 3.5mbpd.

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