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OPEC Oil Output To Increase In September Ahead Of Freeze

Rigs

Despite OPEC's decision on Wednesday to scale back production, the oil trade bloc will produce oil at record rates in September, according to the results of an industry survey conducted by Reuters.

Led by Saudi Arabia, the Organization of Petroleum Exporting Countries (OPEC) agreed - for the first time since 2008 - to limit their outputs. After an informal meeting in Algiers, the group said the target rate would be somewhere in between 32.5 million and 33 million barrels per day (bpd).

Figuring out who has to cut output and by how much from the bloc’s 33.53 million bpd levels in August will be OPEC’s task during its 30 November meeting in the headquarters in Vienna.

"The agreement still leaves hard and difficult negotiations for the individual caps to be set," Bjarne Schieldrop, the chief commodities analyst at SEB, told Reuters. "Now, with an OPEC curb on the cards for the first time in eight years, Brent crude is not even able to lift above $50. At least not yet."

Reuters says it bases its survey on shipping data supplied by external sources, Thomson Reuters flows data, and other information provided by corporate sources from the industry. OPEC and related consulting firms also contributed to the survey.

Iraq and Libya led the oil production increases forecasted by experts in September. Libya sent off its first shipment of oil from the Ras Lanuf port earlier this month, while Iraq restarted jointly exporting crude with Kurdistan from the oil-rich Kirkuk.

Iran and Saudi Arabia mostly maintained their August outputs after setting all-time records in the first half of this year in production growth and output, respectively.

By Zainab Calcuttawala for Oilprice.com

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  • Gary OLeary on October 02 2016 said:
    Your sadly mistaken if you think for a second the market won't return with a roar in the next 1 to 2 years we are know coming to a point where the market must be manipulated for countries to maintain there budgets and survive economically Saudis and Russia are in bad shape and it's getting much worse it won't be long until we see mid 60 oil and 80s within the next 2 years
  • RichardIII on October 01 2016 said:
    OPEC is pumping record volumes to negotiate a cut back to normal excess. Oil appears to be in surplus for the next forty years.
  • Barrack Obama on September 30 2016 said:
    Watch the price of oil drop below $45 on Monday. Anyone who just got in the market is about to get burned.

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