OPEC Sept output edges higher as Saudi reaches 11 mil bpd - survey

Quantum Commodity Intelligence - OPEC oil output rose in September to its highest level since 2020, surpassing its pledged hike for the month, although the group's 10 core members with formal quotas continue to fall short of overall target.

The increase comes after production in Libya recovered from disruption and Gulf members boosted output under a deal with allies, according to the latest Reuters monthly OPEC survey.

OPEC pumped an average of 29.81 million bpd in September, the survey found, up 210,000 bpd from August and the highest since April 2020.

The wider OPEC+ group for September announced a 100,000 bpd increase in the group's output target, of which about 64,000 bpd was slated to come from the 10 participating OPEC countries.

OPEC managed to over-deliver with a 130,000 bpd increase by participating members from August and the 210,000 bpd hike by all OPEC 13 producers, the survey found.

However, output from the 10 members was 1.32 million bpd below the September target, versus a 1.4 million bpd shortfall in August.

Top exporter Saudi Arabia raised output by 50,000 bpd and reached its target of 11 million bpd, the survey found.

Libya, one of the members exempt from OPEC output agreements, and Nigeria each boosted supply by the same volume. Libyan output recovered further from disruption while the survey said tanker-trackers noted an increase in Nigerian exports.

Output in Iraq, OPEC's second-largest producer, was little changed, and the UAE and Kuwait increased supply in line with targets.

The OPEC+ group meets on 5 October with production cuts in the range of 1 million bpd expected to be announced for November.