Bloomberg News

OPEC September Oil Output Dropped, Led by Saudi Arabia, Nigeria

October 11, 2011

Oct. 11 (Bloomberg) -- OPEC’s crude-oil production dropped last month as Saudi Arabia and Nigeria reduced output, according to the group’s secretariat.

The 11 members of the Organization of Petroleum Exporting Countries bound by quotas produced 27.24 million barrels a day in September, Vienna-based OPEC said today in its monthly oil market report. Output fell from 27.31 million in August, the group said, citing secondary sources for the data.

Saudi Arabia, the group’s largest producer, pumped 9.59 million barrels a day in September, down 1.3 percent from the previous month, partly as domestic industrial demand dropped, according to the report.

“Given the decline in oil use by the industrial sector, Saudi oil demand was slightly weaker this summer,” OPEC said.

OPEC, provider of about 40 percent of the world’s crude, announced its biggest-ever supply cuts in late 2008 amid a collapse in global demand. The decision capped production at 24.845 million barrels a day for all members except Iraq.

The group’s compliance with those cuts rose to 43 percent in September from a revised 41 percent in August, according to Bloomberg calculations. Compliance percentages are based on combined output from the 11 members that committed to reduce from a base rate in September 2008 of 29.045 million barrels.

OPEC’s production including Iraq fell by 77,400 barrels a day to 29.9 million barrels in September, the data show. Iraq is exempt from the quota system.

The group’s members are Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates and Venezuela.

--Editors: John Buckley, Raj Rajendran

To contact the reporter on this story: Rachel Graham in London at rgraham13@bloomberg.net

To contact the editor responsible for this story: Stephen Voss at sev@bloomberg.net


American Apparel's Future
LIMITED-TIME OFFER SUBSCRIBE NOW

(enter your email)
(enter up to 5 email addresses, separated by commas)

Max 250 characters

 
blog comments powered by Disqus