OPEC September oil output hits highest since April 2020: survey

30/09/2022 ِArgaam

The Organization of the Petroleum Exporting Countries’ (OPEC) oil output rose in September to its highest level since 2020, surpassing a pledged hike for the month, a Reuters survey showed today, Sept. 30.
 

OPEC pumped 29.81 million barrels per day (bpd) in September, up 210,000 bpd from August and the highest since April 2020.
 

The rise was driven by production recovery in Libya and Nigeria.
 

OPEC+ earlier approved a plan to ramp up oil output by nearly 100,000 bpd in September, of which 64,000 bpd was meant to come from OPEC.
 

However, OPEC+ decided to reduce crude output in October amid lower oil prices and economic recession fears. More cuts are expected in the next meeting.

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