Saudi Arabia had promised that it would ramp up oil production in September and again in October, despite the non-decision from OPEC+ on an official increase in output. However, a report from Reuters suggests that while Riyadh followed through on this pledge last month, it only added a relatively modest 50,000 barrels per day compared to August levels. In fact, all of OPEC produced 32.85 million barrels per day (mb/d) in September, an increase of only 90,000 bpd on net compared to a month earlier. The gains were largely possible only because of the restoration in output from Libya, where production jumped above 1 mb/d. If you exclude Libya from the equation – since Libya is not part of the binding production cut OPEC+ deal – the compliance with the output limits rose from 122 percent to 128 percent in September. In terms of production volumes, that translates into […]