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OPEC Raises Oil Production To Highest Level In Years

OPEC raised its September crude oil production to the highest level since 2020, a Reuters survey found on Friday—yet failed to meet its September quota.

OPEC’s production for September came in below its specified quota for the month, although the month on month increase in production was higher than the promised 64,000 bpd hike.

The survey found that OPEC’s September production reached 29.81 million bpd—a 210,000 bpd increase over August. For its 10 participating members in the OPEC cut, September’s production was 130,000 bpd over August levels,  but still shy of their full production targets.

For September, the survey found that the 10 participating members of the OPEC production pact underproduced their target by 1.32 million bpd—an improvement over their 1.4 million bpd shortfall in August.

As widely expected, Saudi Arabia managed to raise its production by 50,000 bpd for September, reaching its 11 million bpd target. The UAE and Kuwait also hit their targets.

Iraq’s production was “little changed” according to Reuters.

Libya and Nigeria, exempt from the OPEC production agreement, raised their production, helping contribute to the group’s overall production increase.

OPEC+ has reportedly narrowed down its options for November’s production plans, and is currently discussing a production cut between 500,000 bpd and 1 million bpd, a Reuters source said on Friday. The larger OPEC+ group is scheduled to meet on October 5 to formalize its plan for November.

Earlier this week, Russia was reportedly recommending to the group a production cut of 1 million bpd.

Signs point to OPEC+ being willing to defend somewhere near $90 oil. Currently, the Brent benchmark is trading at $88.30 per barrel—trading down despite the heightened geopolitical situation with Russia and Ukraine, the tight market, and increased tensions over the Nordstream 1& 2 gas pipeline explosions. 

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By Julianne Geiger for Oilprice.com

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  • George Doolittle on October 01 2022 said:
    Venezuela looks set to plunge back into Hyperinflation yet again with Mexico and even Brazil now too possibly Columbia all being added to the list.

    Even Canada in point of fact.

    Turkey already there.
    Russia already there.
    Argentina already there.
    China seemingly heading there.

    Australia looking okay I guess.

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