OPEC+ crude oil production fell in September
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Published at: 14/10/2024 11:54 AM
The production of the Organization of Petroleum Exporting Countries and Independent Producers (OPEC+) decreased in September by 557,000 barrels per day (b/d) compared to August, to 40.1 million b/d.
According to information published by the organization in its monthly report, as reviewed by Sputnik, OPEC+ crude oil production fell to 40.104 million b/d, so that daily extraction fell by 557,000 b/d.
For their part, OPEC countries reduced crude oil extraction by 604,000
b/d, to 26.044 million on account of Libya, Iraq, Nigeria and
Saudi Arabia, while
outside
the organization it grew by 47,000 b/d, to 14.06 million b/d due to Kazakhstan.
According to the data, cuts
in oil production amounted to 6.961 million, so OPEC+
countries produced 119,000 b/d less than agreed.
OPEC and
its independent allies—Azerbaijan, Bahrain, Brazil, Brunei,
Kazakhstan, Malaysia, Mexico, Oman, Russia, Sudan and South
Sudan—set production quotas as part of an agreement to stabilize the market.
For this year, the total production ceiling
is about 39.425 million barrels per day.
Mazo News Team