OPEC raised its crude oil production by 146,000 barrels per day (bpd) in September compared to August, but the ten OPEC members in the OPEC+ pact still had their total output well below the target level under the agreement. OPEC’s oil production rose to 29.767 million bpd last month, according to secondary sources in the cartel’s closely watched Monthly Oil Market Report (MOMR) published on Wednesday. Despite the fact that Nigeria boosted its oil production by 31,000 bpd in September, it is massively lagging behind its quota, and its oil production is at the lowest level in at least three decades. Despite the rise in production last month, OPEC and the wider OPEC+ group that includes Russia are still estimated to be around 3.6 million bpd below the collective target. Despite the headline number of a cut of 2 million bpd, the actual reduction from current OPEC+ oil production would be half that figure, at around 1 million bpd-1.1 million bpd.

Source: Libya Today October 13, 2022 03:10 UTC