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Opec’s latest record breaking output underlines the huge difficulty the group faces in seeking to reach an agreement on cutting output during its next meeting on 30 November. Production gains in Iraq and Libya propelled the grouping to a record high of 33.4mn b/d in September, more than offsetting seasonal declines in Saudi Arabia.
With Nigerian gains looking likely in October, the challenge of securing an overall production cut is set to grow more daunting.
Production grew 170,000 b/d from August’s 33.23mn b/d, which was itself a record high. This puts it 400,000-900,000 b/d above the 32.5mn-33mn b/d range that Opec last week agreed to target “in order to accelerate the ongoing drawdown of the stock overhang and bring the rebalancing forward” (MEES, 30 September).
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