OPEC+ oil production drops by 500,000 bpd in September amid Iraqi cuts and Libyan shutdown

Last Update: 2024-10-12 13:50:25 - Source: Shafaq News

Shafaq News/OPEC+ crude oil production fell by 500,000 barrels per day (bpd) in September,dropping to 40.23 million bpd. This decline was attributed to reduced Iraqiexports, refinery activity, direct burning, and a significant productionshutdown in Libya.

A survey byPlatts OPEC+ from S&P Global Commodity Insights revealed that Iraq, thelargest producer in the group in 2024, cut its output by 130,000 bpd inSeptember, bringing its production to 4.2 million bpd, a figure that includesquantities from the Kurdistan region.

The 13 OPECmembers saw their crude output decline by 520,000 bpd to 26.25 million bpd,while the group's 10 allies, led by Russia, increased production by 20,000 bpdto 13.98 million bpd.

Falling oilprices have increased pressure on lagging producers like Iraq and Kazakhstan tocomply with their production targets. Sources in OPEC+ told Commodity Insightsthat global oil inventories would be lower, and the market tighter if thesecountries adhered more closely to their quotas.

However,concerns over supply security have driven prices up in recent weeks, as theongoing conflict in the Middle East threatens to disrupt oil production andexports.