OPEC says oil output rises by 146,000 bpd in September

MOSCOW, Oct 12 (PRIME) -- The OPEC countries increased their oil production by 146,000 barrels per day on the month to 29.77 million barrels per day in September, while the OPEC+ countries failed to meet the combined goal of raising production and ending the 2020 output cut agreement, the OPEC said in a monthly report on Wednesday.

The alliance’s oil production was 1.35 million barrels per day lower than the output of October 2018, while the organization planned to eliminate the output cuts in September.

The organization downgraded its forecast of the combined oil production outside OPEC to 65.6 million barrels per day in 2022 from 65.8 million barrels, while the forecast for 2023 was also reduced to 67.1 million barrels per day from 67.3 million barrels.

OPEC also worsened its outlook for Russia’s production of liquid hydrocarbons by 19,000 barrels to 10.9 million barrels per day in 2022 and by 400,000 barrels to 10.1 million barrels per day in 2023.

OPEC also cut its forecast for the growth of global oil demand by 500,000 barrels to 2.6 million barrels per day this year, and by 400,000 barrels to 2.34 million barrels per day next year.

Commercial reserves of oil and oil products in the countries of the Organization for Economic Cooperation and Development (OECD) went up by 7.8 million barrels on the month in August, and were below the average annual reserve level for 2015–2019 by 273 million barrels.

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