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Opec-Plus Ekes Out More Barrels in September

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Opec-plus raised crude oil production in September by 220,000 b/d to 44.9 million b/d, Energy Intelligence's preliminary assessment shows. The 19 members with a monthly quota fared better and increased output by 310,000 b/d for a total 38.8 million b/d. However, the result was an enormous 3.4 million b/d short of the September target of 42.2 million b/d for the 19 countries. Russia, whose September output was 9.75 million b/d, down a slight 20,000 b/d on August, came up 1.28 million b/d short of its target. Nigeria's shortfall was 820,000 b/d. The Saudis, by contrast, raised output by 103,000 b/d to 11.05 million b/d, which theoretically represents a peak now that the kingdom has pledged to decrease production by 550,000 b/d over the last three months of 2022.

Topics:
Crude Oil, Oil Supply, Opec-Plus Supply
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