OPEC crude oil output down in September

10 October 2019 21:00 (UTC+04:00)

By Trend

According to secondary sources, total OPEC-14 preliminary crude oil production averaged 28.49 mb/d in September, lower by 1,318 tb/d m-o-m, Trend reports citing the October Oil Market Report of the cartel.

Crude oil output decreased mostly in Saudi Arabia, Venezuela, Iraq and IR Iran, while it increased mainly in Libya, Angola and Congo.

The share of OPEC crude oil in total global production declined by 0.8 percent to 29.3 percent in September 2019 compared to the previous month.

Estimates are based on preliminary data from direct communication for non-OPEC supply, OPEC NGLs and non-conventional oil, while estimates for OPEC crude production are based on secondary sources.

In late 2018, OPEC and a number of countries outside this organization (OPEC+ format) decided to modernize the terms of the agreement on the reduction of oil production, in force from the beginning of 2017. The countries agreed to reduce the total production by 1.2 million barrels per day from the level of October 2018.

On July 2, 2019, a decision was made in Vienna to extend the agreement on reducing oil production by OPEC member and non-member states until the end of the first quarter of 2020.


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