OPEC oil output rises in Sept-Petrologistics

OPEC oil output excluding Iraq and Angola is expected to rise in September, led by higher supply from Saudi Arabia, Iran and Nigeria, a consultant said on Friday.

OPEC’s 10 members subject to output limits, all except Iraq and Angola, are set to pump 27 million barrels per day, up from a revised 26.9 million bpd in August, said Conrad Gerber of Petrologistics, which tracks tanker shipments.
The estimate indicates that OPEC may be relaxing adherence to supply curbs in response to a jump in oil prices, which hit a record high on Thursday. The group on Sept. 11 formally agreed to lift production from Nov. 1.

“It is creeping up,” Gerber told Reuters. “There’s a bit more from Saudi Arabia, Iran and Nigeria. Also, Iraq is having a good month.”

Overall output from the 12-member Organization of the Petroleum Exporting Countries is set to rise 300,000 bpd to 30.8 million bpd, Petrologistics said, on a rebound in shipments from Iraq.

Iraqi output is on course to rise to 2.12 million bpd this month, Gerber said. He initially estimated Iraqi supply during August at 1.99 million bpd.

Reuters