Crude oil production from countries participating in OPEC+ deal decreased in September as compliance with the coordinated supply cuts continued to improve. OPEC+ 19 producers pumped a total of 34.22 million bpd of oil last month, down 50,000 bpd from August, with compliance standing at 103%, an external survey showed. The output from ten OPEC producers declined 30,000 bpd from August to 24.04 million bpd in September, with compliance rising from 103% to 106%. Gabon and Congo were the only OPEC producers that failed to meet their pledges.
Iraq and Nigeria, regular laggards in past months, manage to curb their production to below quotas for a second straight month. They were bound to make extra cuts in the coming months to compensate for overproduction in the past. OPEC largest producer Saudi Arabia produced just under its agreed ceiling of 8.99 million bpd in September. The UAE reduced output by most among OPEC members as the country made compensation cuts for overproduction in August. The emirates pumped 80,000 bpd below its 2.59 million bpd quota.
Production by non-OPEC allies rose by 60,000 bpd from August to 12.67 million bpd in September, with compliance decreasing to 98% in September. Russia’s output increased by to 9.08 million bpd last month, 90,000 bpd higher than its ceiling. Azerbaijan’s compliance was at 100%, but production inched higher from 580,000 bpd to 590,000 bpd.
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Published on October 8, 2020 3:28 PM (GMT+8)Last Updated on October 8, 2020 3:28 PM (GMT+8)
