OPEC oil output rises by 486,000 bpd to 27.3 mln bpd in September

MOSCOW, Oct 13 (PRIME) -- The oil output of OPEC increased by 486,000 barrels per day (bpd) to 27.33 million barrels a day in September with production rising mainly in Nigeria, Saudi Arabia, and Iraq, the organization said on Wednesday in its monthly report.

OPEC also worsened its outlook for 2021 global oil demand to a rise of 5.8 million barrels a day to 96.6 million barrels from a rise by 6 million barrels a day. The 2022 forecast of 4.2 million barrels a day rise was maintained.

OPEC’s forecast for the oil production increase outside the organization was reduced by 210,000 barrels a day to 63.64 million barrels a day in 2021 and by 130,000 barrels a day to 66.66 million barrels a day in 2022 due to disruptions and force majeure events in North and South Americas.

At the same time, OPEC kept its expectations for the output of oil and gas condensate in Russia in 2021 and 2022 at 10.78 million barrels a day and 11.78 million barrels a day, respectively.

Commercial reserves of oil and oil products in the member countries of the Organization for Economic Cooperation and Development (OECD) contracted by 19.5 million in August to 2.855 billion barrels. It is a contraction of 183 million barrels as compared with an average 5-year figure and a 131 million barrel contraction as compared with an average of 2015–2019, OPEC said.

The OPEC+ countries agreed to reduce their oil output by 9.7 million barrels per day in May 2020 to fight the consequences of the global coronavirus pandemic, with Russia’s share of 2.5 million barrels per day. Since August 2021, the alliance has been raising production by 400,000 barrels per day each month expecting to cancel the reduction liabilities at the end of September 2022.

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