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OPEC production reaches its highest level since 2020

OPEC production reaches its highest level since 2020

London, Sep 30 (Prensa Latina) The Organization of Petroleum Exporting Countries (OPEC) extracted 29.81 million barrels per day in September, the highest figure since April 2020, according to a survey published today by Reuters.

The figure represents an increase of 210,000 barrels per day compared to August and exceeds forecasts for the month, following the recovery of production in Libya and the increase in pumping in the Persian Gulf.

In fact, the forecast for September by the OPEC group and its allies (OPEC+) was for an increase of 100 thousand barrels per day, of which about 64 000 were to come from the ten participating countries.

The target was exceeded with an increase of 130 000 barrels per day by the participating members and an increase of 210 000 by the 13 producers.

In total figures, production by the ten members was 1.32 million barrels per day below the September target, compared to a shortfall of 1.4 million in August.

Meanwhile, a country-by-country analysis showed that Saudi Arabia, the largest exporter, increased its production by 50,000 barrels per day and reached its target of 11 million.

While Iraq’s production, OPEC’s second largest producer, barely changed, and the United Arab Emirates and Kuwait increased their supply in line with their targets.

In this context, OPEC+ is considering an even greater supply restriction next Wednesday, in order to face the weakening of crude oil prices amid concerns about a recession.

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