Reuters: OPEC oil production saw a hike in September over Libya, Iraq’s increased outputs

  • Libyan Express + Agencies |
  • Sunday 1 October 2017

Libya’s Al-Zawiya oil refinery operating in half capacity. (Photo: Internet)

OPEC oil output has risen this month by 50,000 barrels per day (bpd), a Reuters survey found, as Iraqi exports increased and production edged higher in Libya, one of the producers exempt from a supply-cutting deal.

The survey also found no sizeable further gain in output in Nigeria or Libya, which are exempt from the cut. Extra Libyan and Nigerian production had helped lift output to a 2017 high in July, adding to OPEC’s task in trying to curb excess supply.

Libya pumped an extra 50,000 bpd this month as the Sharara oilfield reopened after a pipeline blockade. But output remains volatile and, on average in September, below levels of more than 1 million bpd seen earlier this year.

According to the Reuters survey, output in September has averaged 32.72 million bpd, about 970,000 bpd above the target adjusted to remove Indonesia and not including Equatorial Guinea.

The Reuters survey is based on shipping data provided by external sources, Thomson Reuters flows data, and information provided by sources at oil companies, OPEC and consulting firms.

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