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
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