News Daily Spot: OPEC in September raised its oil production to a new high

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OPEC in September raised its oil production to a new high

The fourteen members of the Organization of Petroleum Exporting Countries (OPEC) have continued to open their taps to draw together 33.4 million barrels per day (bpd) of crude last month, marking a new record high.

In its monthly report released Wednesday, it revealed that OPEC production volume, calculated as average estimated by several independent institutes, exceeds 22 thousand barrels per day August level.

On the other hand, while holding almost unchanged its forecast for growth of global demand for "black gold" in the short and medium term, the document corrected downward the forecast on supplies of its competitors this year.

The increase is due mainly to increased pumping Iraq, with a monthly increase of 105,000 bpd, bringing the total extracted an unprecedented average of 4.45 mbd, establishing the country as a second producer group, behind Saudi Arabia.

Libya and Nigeria also managed to recover part of discontinued operations and added 92,600 and 95,300 bd bd to total 363,000 and 1,524,000 bd, respectively, while Iran raised its supplies 21,400 bpd, up 3.6 mbd.

To a lesser extent also they increased their supplies Kuwait, UAE, Qatar and Ecuador.

These increases exceeded falls productions Saudi Arabia (87,500 bd, up 10.49 mb), Venezuela (18,000 bd, up 2.08 mbd), Angola, Gabon, Algeria and Indonesia.

OPEC experts estimate that by 2017 consumption will rise at a slower rate, of 1.15 mbd or 1.22% to 95.56 mbd mediate.

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