OPEC oil output sinks to lowest since 2011 after Saudi attacks – Reuters survey
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OPEC oil output sinks to lowest since 2011 after Saudi attacks – Reuters survey

The latest survey conducted by Reuters showed that the Organization of Petroleum Exporting Countries’ (OPEC) oil production dropped to an eight-year low in September, in the face of the attacks on Saudi oil plants that knocked-off the production.

Key Findings:

“The 14-member Organization of the Petroleum Exporting Countries (OPEC) has pumped 28.9 million barrels per day (bpd) this month, down 750,000 bpd from August’s revised figure and the lowest monthly total since 2011.

Two of the three exempt producers also pumped less oil than they did the previous month.

The biggest drop was in Saudi Arabia, which supplied 9.05 million bpd, or 700,0000 bpd less than in August.

Sources in the survey put Saudi production at between 8.5 million bpd and 8.6 million bpd.

Output fell further in Venezuela, which is contending with U.S. sanctions on state oil company PDVSA – aimed at ousting socialist President Nicolas Maduro – as well as a long-term decline in output owing to a lack of investment and maintenance.

The survey found a mixed trend among Iraq and Nigeria, both of which have pledged to boost their compliance.

Among other countries raising output, Libya pumped more because of a higher contribution from the country’s largest oilfield, El Sharara, after outages that curbed output in August.

There was little change to supply from the United Arab Emirates and a small increase in Kuwait.”

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