Crude output from the Organization of the Petroleum Exporting Countries (OPEC) rose by 1.78 million barrels per day (bpd) in September from August to 21.49 million bpd, led by gains in Saudi Arabia and Iraq, a Reuters survey published on Friday, October 16, found.
The increase came despite continued constraints on exports because of the war in Iran and a US blockade on Iran’s shipments, Reuters said.
Saudi Arabia, the group’s largest producer, pumped 8.20 million bpd in September, up 1.2 million bpd from 7.00 million bpd in August, according to the survey.
Iraq’s output rose by 900,000 bpd to 4.10 million bpd. Kuwait’s production fell by 220,000 bpd to 1.77 million bpd. Iran’s output fell by 100,000 bpd to 1.75 million bpd.
Production remained well below agreed levels. The eight OPEC members bound by output targets pumped 17.29 million bpd in September, 3.318 million bpd below their combined target of 20.608 million bpd, the survey showed.
Saudi Arabia was 2.278 million bpd below its target of 10.478 million bpd. Kuwait was 906,000 bpd short of its 2.676 million bpd target, and Iraq was 331,000 bpd below its 4.431 million bpd target.
The outbreak of the Iran war on February 28 forced large production shutdowns in Gulf countries because of the effective closure of the Strait of Hormuz, Reuters said. Gulf members of the wider OPEC+ group have been unable to deliver the production increases they have pledged since April.
Seven OPEC+ members had agreed to raise output in September, but the conflict made that impossible, according to the report.
The survey does not include the United Arab Emirates, which left OPEC on May 1. Saudi and Kuwaiti figures include output from the Neutral Zone shared by the two countries.
OPEC said in its own monthly report on Tuesday, October 13, that OPEC+ pumped an average of 39.07 million bpd in September, up about 900,000 bpd from August. Saudi Arabia told OPEC it produced 8.372 million bpd in September, more than 2 million bpd above its August level.
