Iraq and Libya’s oil production declines by about 500,000 barrels per day
Iraq and Libya’s oil production declines by about 500,000 barrels per day
2024-10-12 03:03
Shafaq News/ The Platts OPEC+ survey from S&P Global Commodity Insights showed that OPEC+ crude oil production fell by 500,000 barrels per day (bpd) month-on-month to 40.23 million bpd in September, due to reduced Iraqi exports, refinery operations, direct flaring and largely a major shutdown in Libya.
Iraq, the group’s largest excess producer in 2024, cut its production by 130,000 barrels per day to 4.2 million barrels per day during the past month, and this figure also includes quantities from the Kurdistan Region.
Crude oil production from OPEC’s 13 member states fell by 520,000 barrels per day (bpd) to 26.25 million bpd, while production from its 10 OPEC+ allies led by Russia rose by 20,000 bpd to 13.98 million bpd.
The falling oil prices have increased pressure on laggards such as Iraq and Kazakhstan to comply with their production targets, with OPEC+ sources telling Commodity Insights that global oil inventories would be lower and the market tighter if they did.
But concerns about supply security have pushed prices higher in recent weeks, with conflict in the Middle East threatening to disrupt oil production and exports.
shafaq.com
