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Opec-Plus: Alliance Reaches Post-Pandemic Output High

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WEO ONLY -- USO Again Puts Opec at Risk
  • Crude oil production by all 23 members of Opec-plus amounted to 44.9 million b/d in September, a gain of 310,000 b/d on August.

  • Core Opec producers provided the bulk of monthly growth, though Kazakhstan pulled off a breakthrough as it restarted the massive offshore Kashagan field.

  • The shortfall between the monthly target and actual production in September was 3.4 million b/d, which should decline in coming months.

Output among the 19 alliance members with a monthly quota was 38.78 million b/d in September, according to Energy Intelligence’s assessment. This was the highest level since April 2020. The monthly gain of 310,000 b/d, the third-largest this year, was led by Saudi Arabia, Angola, and Kazakhstan, each of which boosted output by over 100,000 b/d.

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