OPEC Production Slips In September Despite Iraqi, Gulf Increments

Opec members produced 31.76mn b/d last month, down by 20,000 b/d from August, according to MEES estimates. September marks the 16th consecutive month that the group has produced above its 30mn b/d production ceiling, in place since December 2011.

Production from the group’s top producer Saudi Arabia stayed high at 10.24mn b/d in September, though this was down from 10.31mn b/d in August, as domestic demand continues to weaken from its summer peak. Saudi output has fallen month-on-month since June, when it hit a record high of 10.56mn b/d.

Output from Iraq, Kuwait and the UAE meanwhile rose by a combined 90,000 b/d in September. Iraqi production rose 30,000 b/d to stand at 4.22mn b/d last month, just shy of the all-time high of 4.25mn b/d achieved in July. This came as the semi-autonomous Kurdistan Regional Government (KRG) continued to ramp up its oil exports independent from the federal government in Baghdad. Kurdish exports via the Turkish port of Ceyhan rose to a new high of 632,000 b/d in September, up from 473,000 b/d in August; while federal exports stayed largely level with August levels at just over 3mn b/d.


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