OPEC oil output climbed in September as Libya, Nigeria recover

OPEC nations pumped slightly more crude in September as Libya’s biggest oil field returned to production. Output from the Organization of Petroleum Exporting Countries was 32.83 million barrels a day in September, a gain of 120,000 barrels a day from August, according to a Bloomberg News survey of analysts, oil companies and ship-tracking data. Production in Libya, which along with Nigeria is exempt from output cuts, rebounded 30,000 barrels a day to 920,000 barrels in September as the Sharara field restarted after a halt of more than two weeks. Nigerian output increased by 20,000 barrels to 1.77 million barrels a day, just short of the 1.8 million barrels a day that could eventually lead to its participation in OPEC’s effort to reduce output.

Saudi Arabia, OPEC’s biggest producer, boosted production by 60,000 barrels a day to 10.06 million barrels, while Gulf neighbor Kuwait lifted output by 50,000 barrels to 2.76 million barrels a day. The recovery in production puts OPEC back to levels reached in July, when the group pumped 32.85 million barrels a day.

The compliance rate of the 12 members who agreed to curb their supply dropped to 82 percent, from 88 percent the month before, the survey showed. Source : BLOOMBERG Pipe Industry Co., Limited (www.wilsonpipeline.com)

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