OPEC crude production jumps 920,000 bpd in September
Baku, October 13, AZERTAC
Crude oil production by the Organization of the Petroleum Exporting Countries (OPEC) rebounded in September, rising by around 920,000 barrels per day (bpd) from the previous month, Anadolu Agency reported citing the organization’s report.
In September, OPEC's total output stood at about 25.1 million bpd, according to the group's latest Monthly Oil Market Report on Tuesday.
Saudi Arabia posted the largest monthly increase, with output rising by 744,000 bpd to around 8 million bpd.
Iraq's production climbed by 386,000 bpd to 3.9 million bpd, while the UAE increased output by 86,000 bpd to 3.9 million bpd.
Production also rose in Venezuela, Congo and Algeria. Output increased by 18,000 bpd in Venezuela, 6,000 bpd in Congo and 3,000 bpd in Algeria.
The largest decline came from Kuwait, whose production fell by 140,000 bpd to around 1.8 million bpd, while production in Iran declined by 99,000 bpd to around 2 million bpd.
Libya's oil production fell by 58,000 bpd to 1.3 million bpd, while Nigeria's output declined by 13,000 bpd to 1.6 million bpd. Gabon's production dropped by 11,000 bpd to 207,000 bpd, and Equatorial Guinea's output decreased by 2,000 bpd to 45,000 bpd.
Crude oil production by the OPEC+ alliance, which includes OPEC members and several non-OPEC producers also rose in September despite the ongoing Middle East conflict, disruptions to shipping through the Strait of Hormuz and continued constraints on Gulf oil exports.
The group's total output increased by about 903,000 bpd in September to average 39.07 million bpd.
OPEC slightly lowered its 2026 demand growth forecast while raising its 2027 outlook, although both projections continue to point to solid demand growth.
The group expects global oil demand to increase by 180,000 bpd year-over-year to average 105.72 million bpd in 2026.
Demand in non-OECD countries is projected to rise by 390,000 bpd to 59.6 million bpd, while demand in OECD countries is expected to decrease by 210,000 bpd to 46.12 million bpd.
For 2027, OPEC forecasts global oil demand will grow by a further 2.5 million bpd to average about 108.28 million bpd.
Other news in this section
