OPEC output rises 400,000 bpd in September: Survey

Logo of OPEC

OPEC’s crude oil production increased in September after Saudi Arabia completed the first phase of its plan to restore previously halted supplies, according to a Bloomberg survey.

Output rose by 400,000 barrels per day (bpd) to 29.05 million bpd, marking the full restoration of the 2.2 million bpd that the OPEC+ alliance had cut in 2023.

Saudi Arabia boosted production by 320,000 bpd to 9.98 million bpd, in line with its OPEC+ quota, while its exports reached the highest level in 18 months.

Venezuela’s output climbed to 1 million bpd, adding 90,000 bpd, with exports hitting a five-year high, supported by the US license granted to Chevron to continue operations despite sanctions.

Iraq’s output held steady at 4.32 million bpd, still above its OPEC+ quota, as exports from the Kurdistan region resumed through the Turkey pipeline after a two-year halt.

OPEC+ is now focusing on the next stage of its supply restoration plan, which involves an additional 1.65 million bpd. The alliance will meet this week to decide on the production increase scheduled for November.