• 3 minutes Nucelar Deal Is Dead? Iran Distances Itself Further From ND, Alarming Russia And France
  • 5 minutes Don Jr. Tweets name Ukraine Whistleblower, Eric Ciaramella. Worked for CIA during Obama Administration, Hold over to Trump National Security Counsel under Gen McCallister, more . . . .
  • 9 minutes Shale pioneer Chesepeak will file bankruptcy soon. FINALLY ! The consolidation begins
  • 12 minutes China's Blueprint For Global Power
  • 21 mins Pioneer's Sheffield in Doghouse. Oil upset his bragging about Shale hurt prices. Now on campaign to lower expectations, prop up price.
  • 1 hour Tesla Launches Faster Third Generation Supercharger
  • 34 mins Passerby doused with flammable liquid and set on fire by peaceful protesters
  • 14 mins Who writes this stuff? "Crude Prices Swing Between Gains, Losses"
  • 10 hours EU has already lost the Trump vs. EU Trade War
  • 12 hours Joe Biden, his son Hunter Biden, Ukraine Oil & Gas exploration company Burisma, and 2020 U.S. election shenanigans
  • 13 hours Atty General Barr likely subpeona so called whistleblower and "leaker" Eric Ciaramella
  • 8 hours China's Renewables Boom Hits the Wall
  • 7 hours Climate Change Consensus Shifts in Wind, But Gas Is Still the Right Move
  • 17 hours Iran's Master Plan?
  • 16 hours Iran Finds New Oil Field With Over 50 Billion Barrels: Rouhani
  • 16 hours Saudi Aramco IPO Will Not Save Kingdom

Breaking News:

Oil Rebounds On Surprise Crude Draw

Alt Text

A Bear’s Guide To Oil Markets

2019 hasn’t been the year…

Alt Text

Economic Uncertainty Leaves Oil Markets Paralyzed

The Federal Reserve cut interest…

Alt Text

Canadian Oil Prices Crash After Keystone Spill

Canadian crude continues to trade…

Irina Slav

Irina Slav

Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.

More Info

Premium Content

Oil Falls As OPEC Production Hits Record In September

The International Energy Agency reported today that crude oil output in OPEC reached a new record of 33.64 million barrels per day, causing crude oil prices to tick back down after they reached a one-year high on Russian President Putin’s announcement that the oil giant would join freeze talks with OPEC.

Oil supply went up by 600,000 bpd globally in September, with non-OPEC supply rising by half a million barrels daily thanks to output increases in Russia and Kazakhstan.

World daily production in the reported month reached 97.2 million barrels, a 200,000-bpd increase on September 2015.

The IEA noted that OPEC was the main contributor to this annual growth.

Iraq achieved historic highs in production in September, and Libya reopened its export terminals and restarted production at some fields. The combined monthly increase in OPEC production in September stood at 160,000 bpd. Supply from the organization was 900,000 bpd higher than in September 2015.

For August 2016, the IEA reported a 300,000-bpd annual decline in global supply, thanks to output cuts outside OPEC.

On the demand side, the international watchdog said this year should see a 1.2-million barrel increase, keeping the same rate in 2017, too. In the third quarter of 2016, demand growth is estimated to have fallen to the lowest quarterly rate since 2012, on the back of an economic slowdown in OECD countries and a similar pattern in China, but in Q4 it should recover somewhat as the winter season in the northern hemisphere begins. Related: Are U.S. Oil Assets Too Expensive For Oil Traders?

Now that OPEC is discussing a possible freeze output, the latest from the IEA puts even more emphasis on the question of whether a freeze would be meaningful at all at these record-high levels of production. The cartel has scheduled several meetings in the coming weeks, before its November 30 get-together in Vienna, and any word that comes out of it is likely to swing markets immediately.

At the time of writing, Brent crude was trading at US$52.54 a barrel, down 1.13 percent from yesterday’s close, and WTI was changing hands at US$50.68 a barrel, down 1.3 percent.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage



Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play