OPEC PRODUCTION FALLS IN SEPTEMBER DUE TO LIBYA AND IRAQ

OPEC+ oil production falls to its lowest level this year

OPEC oil output fell in September to its lowest level this year due to supply disruptions in Libya and Iraq's progress in offsetting overproduction under the OPEC+ deal, Reuters calculations based on public data showed.

OPEC produced 26.14 million barrels per day last month, or 390,000 barrels per day less than in August. The decline was mainly caused by the political conflict in Libya (-300,000 barrels per day), which caused exports to the country to collapse and also pushed up oil prices. Production is expected to recover this month, after the dispute with the country's central bank is resolved and force majeure events on the fields are lifted.

In addition, production has decreased in Iraq, which has tried to compensate for previously reduced production volumes, but still produces 90 thousand barrels per day. higher quota. At the same time, the only country that increased production was Iran, which was exempted from quotas under the OPEC + agreement, along with Libya and Venezuela.

As a result, OPEC production in September was 130,000 barrels per day higher than expected.