[London 30th Reuters]-According to a survey by Reuters, the oil production in the Organization of Petroleum Exporting Countries (OPEC) in September was 28.9 million barrels per day, down 750,000 barrels from the previous month, the first in 8 years since 2011 Low level.
In September, Saudi oil facilities were partially attacked by an attack on oil facilities, and the effects of collaborative production cuts by OPEC member countries and the US sanctions against Iran and Venezuela were prominent.
“Tradeers are not particularly concerned about the risk premium for crude oil, market interest is shifting again to supply and demand and further downgrade risks,” said RANDA analyst Craig Aalam.
OPEC member countries and non-member countries, mainly Russia, agreed in December last year to implement a combined reduction of 1.2 million barrels per day from this year.
Of the 14 OPEC member countries, 11 countries, excluding Iran, Libya, and Venezuela, are participating in coordinated production cuts, which are lower than the target. In September, the rate of reduced production was 218%, up from 131% in August.
The largest decline in oil production in September was in Saudi Arabia, a decrease of 700,000 barrels from the previous month. The oil production in September was 9,500,000 barrels a day. If the national oil company, Saudi Aramco, did not release crude oil inventory, the decline was even greater. According to sources, Saudi oil production is 8.5 million to 8.6 million barrels per day.
Venezuela's oil production in September decreased further. While Iraq has reduced its crude oil exports, Nigeria's oil production has increased slightly, still exceeding the target for reduced production. Oil production in Libya has also increased.
In addition, oil production in the United Arab Emirates (UAE) remained almost unchanged from the previous month, and Kuwait increased slightly.
