Survey Shows Spike In OPEC’s September Oil Production

3 Oct 2017   OPEC

Bloomberg survey . Total production from the cartel reached 32.83 million barrels per day, which marks a 120,000 bpd increase from August, the Bloomberg survey found. Libya and Nigeria are both exempt from output cuts agreed on by OPEC last November. Though Nigeria has agreed to limit production to 1.8 million bpd earlier this year, Libya has made no such pact. Nigeria’s production reached 1.77 million bpd in September, the report said. Saudi Arabia, the de facto leader of OPEC, also saw a production jump. The No. 1 cartel producer saw its production increase by 60,000 bpd month-over-month, while ally Kuwait saw a similar jump of 50,000 bpd. Total compliance within the block dropped to 82 percent in September, compared to 88 percent in August, the survey said. The Sharara field, the largest in the North African country, reached 230,000 bpd last week , according to an anonymous source, […]

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