OPEC crude production rose for the third straight month in September driven by a restart of some Libyan platforms and an unexpected increase in Iranian exports, a survey by Reuters showed. According to the survey, OPEC producers pumped an average of 24.38 million bpd of crude last month, rising by 160,000 bpd from August, as the cartel and its allies relaxed their coordinated supply curbs. Rising OPEC supplies and concerns on resurging coronavirus cases have weighed on prices which fell 10% in September to near $40/barrel.
Libya and Iran are exempted from the OPEC+ deal due to internal political conflict and economic sanctions, respectively. Libyan output increased after the eastern-based Libyan National Army (LNA) commander Khalifa Haftar promised to lift the months-long blockade in the country’s oil infrastructure. The survey found Libya’s production increased to 70,000 bpd last month. Meanwhile, tanker tracking data suggests that Iran ramped up crude exports in September, despite US sanctions.
Angola recorded the largest increase among OPEC members of 60,000 bpd. In contrast, the UAE cut production by the most in September to compensate for overproduction in August. OPEC’s biggest producer Saudi Arabia kept supply steady at around 9 million bpd. The survey said that Iraq and Nigeria, regular laggards in past months, maintained high compliance in September. Kuwait’s production was also stable, the survey said.
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Published on October 1, 2020 10:59 AM (GMT+8)Last Updated on October 1, 2020 2:39 PM (GMT+8)
