Crude oil output in OPEC reached a new record of 33.64mb/d during September, causing crude oil prices to drop back down after reaching a 12-month high of above $53 per barrel as a result of reports that OPEC had agreed to curb production, Financial Times reported.
The combined monthly increase in OPEC’s output during September stood at 160,000b/d. Supply from the organization was 900,000b/d higher than in September 2015, according to Oil Price. Moreover, the group’s production is expected to stabilize around September volumes until the November meeting in which OPEC is expected to set definite oil output targets under the terms of the production freeze.
Egypt Oil&gas reported earlier that OPEC showed that Nigeria’s crude oil output had risen by 280,700b/d to 1.385mb/d in September. While both Iraq and Libya also boosted production during the month, with Saudi Arabia showing the largest decline in crude output.
However, this comes as some OPEC members dispute production volumes estimated by the group. Iran, Iraq, and Venezuela have already criticized the data, which OPEC compiles from secondary sources such as news agencies, informed Bloomberg. As the members disagree over how much they’re producing, it will be increasingly difficult to agree on how much oil each should cut to compile with the push to restrict output.