OPEC oil production rises despite Saudi cuts: Reuters Survey
Shafaq News/ OPEC's oil production increased for the second consecutive month, driven by higher output from Nigeria and Iran, despite efforts by Saudi Arabia and other "OPEC+" members to reduce production and stabilize the market, according to a survey by Reuters.
In September, OPEC pumped 27.73 million barrels daily, an uptick of 120,000 per day from August, marking the first increase since February. Nigeria led the surge in production despite challenges like crude theft and regional insecurity. Despite US sanctions, Iran aIran
Nigeria's ability to export large quantities without significant disruptions contributed to the production increase, with plans for further recovery next year. Iran's rising exports seemed to result from evading US sanctions, possibly indicating a lenient stance from the US while the nations work on improving relations.
Ten OPEC members subject to "OPEC+" supply reductions saw an 80,000 barrels per day increase in production. Gulf members adhered to agreed cuts. Saudi Arabia maintained production near nine million barrels per day in August while extending a voluntary cut of one million per day to support the market.
Iraq and the UAE slightly raised production, while Angola recorded the group's largest decline of 50,000 barrels per day due to reduced exports. Overall, OPEC's production remains about 700,000 barrels per day below the target due to challenges some member countries face in meeting agreed-upon quotas.
