OPEC’s 15 countries boosted crude oil output in September to 33.07 million b/d, a 180,000 b/d rise from August, according to an S&P Global Platts survey of analysts, industry officials and shipping data released Friday, as the producer group seeks to instill confidence in its ability to keep the market well-supplied.
That is the most OPEC has pumped since July 2017, if the Republic of Congo, which joined the organization in June, is not included. The survey indicates that OPEC and its 10 non-OPEC partners, led by Russia, have surpassed their stated aim of raising production by a combined 1 million b/d from May levels.
OPEC’s September output was 850,000 b/d above where it was in May, not including Congo, according to Platts survey data, while Russia on Tuesday reported a record high in its September output of 11.356 million b/d, up 390,000 b/d from May.
OPEC has been under fire by the US for not pumping more to bring down oil prices, which have hit four-year highs in recent days over apprehension that the producer bloc would be unable or unwilling to make up for expected output losses from sanctions-hit Iran and economically careening Venezuela.
Source: S&P Global Platts