Highlights
- Production falls from 40.73 mil b/d to 40.23 mil b/d
- Libya outage takes 410,000 b/d off the market
- Countries with quotas overproduced by 232,000 b/d
OPEC+ crude oil production fell 500,000 b/d month-on-month to 40.23 million b/d in September, largely due to a major shutdown in Libya and cuts to Iraqi exports, refinery runs and direct burn, the Platts OPEC+ survey from S&P Global Commodity Insights showed Oct. 10.
The output cut will ease pressure on overproducers who have faced growing calls to comply with their quotas in 2024, as the group aims to shore up prices in the face of demand uncertainty and booming non-OPEC+ output.
The survey showed that OPEC+ members with quotas pumped 232,000 b/d above their collective target in September, down almost 100,000 b/d from overproduction of 327,000 b/d in August.
