OPEC’s September report:
Production surges with Iran’s output surpassing 3m bpd
OPEC’s crude oil production witnessed a noticeable uptick in September compared to August, as per the latest data released in the Monthly Oil Market Report (MOMR) published by the organization.
According to the MOMR, OPEC’s crude oil production surged to 27.755 million barrels per day (bpd) in September, marking an increase of 273,000 bpd from the previous month’s figure of 27.482 million bpd in August, oilandgasmiddleeast.com reported. The report — which relies on secondary sources for its data — highlighted Iran’s remarkable surge in its oil production which reached 3.058 million bpd in September, showing a 15,000-barrel increase when compared to its preceding month. This marked a milestone for Iran as it signaled the highest production level the country has seen in years. The increase in production aligns with Iran’s efforts to restore its oil output to pre-sanctions levels.
The most significant boost in production came from Nigeria, with a month-over-month increase of 141,000 bpd, the report continued.
Saudi Arabia, a key player in OPEC, also contributed to the production surge, reporting an increase of 82,000 bpd. Several other OPEC member nations also saw incremental production growth, albeit on a smaller scale.
However, not all OPEC members followed this trend, as some reported a decline in their oil production during the same period. Algeria, Equatorial Guinea, Gabon, and Venezuela were among the countries that experienced a decrease in production.
Venezuela, in particular, faced a substantial setback, witnessing a reduction of 25,000 bpd, which brought its production down to 733,000 bpd. This marked the lowest production level for Venezuela since April 2023.