OPEC oil output edges higher in September as Iraq, Libya pump more

30 Sep 2017   OPEC

OPEC oil output has risen this month by 50,000 barrels per day (bpd), a Reuters survey found, as Iraqi exports increased and production edged higher in Libya, one of the producers exempt from a supply-cutting deal. OPEC’s adherence to its pledged supply curbs slipped to 86 percent from August’s 89 percent, the survey found. Top exporter Saudi Arabia continued to shoulder a larger portion of OPEC’s total cut by pumping below its target. The gain in Iraqi supplies shows that political tension over the Kurdish region’s independence referendum has not affected its exports. Concern that these could be at risk has helped support oil, which this week reached almost $60 a barrel, the highest in more than two years. “No rapid solution to the crisis can be expected, which should continue to lend support to the oil price,” said Carsten Fritsch, an analyst at Commerzbank in […]

Comments are closed.