October 13, 2023 [Oil Price]- OPEC’s crude oil production rose in September compared to August, according to the group’s latest Monthly Oil Market Report (MOMR) published on Thursday.
According to the MOMR, OPEC’s crude oil production rose to 27.755 million bpd in September—up 273,000 bpd from the 27.482 million bpd the group produced in August. Based on the report’s secondary sources, the largest increase in production was from Nigeria, which saw a 141,000 bpd increase month over month. Saudi Arabia also saw a production increase, of 82,000 bpd. Other OPEC members saw an increase, although smaller, including Algeria, Iran, Iraq, Kuwait, Libya, and the UAE.
But some members saw their production decline like Algeria, Equatorial Guinea, Gabon, and Venezuela—the latter of which saw its production fall by 25,000 bpd to 733,000 bpd, the lowest level since April 2023.
Saudi Arabia’s September production rose to 9.006 million bpd. The country’s quota—which includes The Kingdom’s 1 million bpd voluntary production cut quota—is 9 million bpd.
Iran’s September production, which rose to 3.058 million bpd, was the highest in years as the United States struggles to keep its oil revenues in check through sanctions, in a sign that the country is on its way to restoring production to pre-sanction levels.
OPEC members Iraq, Kuwait, Saudi Arabia, and the UAE reaffirmed their commitment to “collective and individual voluntary adjustments” to oil production after meeting on the sidelines of the UN MENA climate week last weekend. The members also said it would be willing to take “additional measures at any time” to support market stability. The group’s current production quota agreement runs through the end of next year, but Saudi Arabia’s extra 1 million bpd production cut runs through the end of this year and will then be subject to monthly reviews.
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