OPEC output rises 120,000 b/d in Sep, compliance down to 62%: IEA
 

 

London (Platts)--9Oct2009/639 am EDT/1039 GMT

  

OPEC crude production rose to 28.93 million b/d in September, up 120,000 b/d from 28.81 million b/d in August, the International Energy Agency said Friday.

In its latest monthly oil market report, the IEA attributed most of the increase in production to higher volumes from Angola and Nigeria, which outweighed smaller falls in supply from some other countries, including Iran and Saudi Arabia.

Excluding Iraq, which does not participate in OPEC output agreements, production from the 11 members bound by quotas rose to 26.42 million b/d in September from 26.25 million b/d in August, leaving them 1.575 million b/d above their collective target level of 24.845 million b/d.

As a result, compliance with the group's 4.2 million b/d of cuts agreed late last year fell to an estimated 62% in September, down from 66% in August, the IEA said.

Production by countries outside OPEC is estimated to have risen by 200,000 b/d in September to 50.6 million b/d, leaving total world oil supply at 84.9 million b/d, up 300,000 b/d on the month.

On a year-on-year basis, total world oil supply last month was almost unchanged, as lower OPEC volumes due to the group's supply curbs offset higher non-OPEC supply, which was hit hard in September 2008 by hurricane-related disruptions in the Gulf of Mexico.

--Richard Swann, richard_swann@platts.com