OPEC oil production rose in September despite deal to limit output. Cartel raises forecast for global oil demand growth for 2017-2018
OPEC crude oil production jumped last month by nearly 90,000 barrels a day, complicating the cartel’s efforts to limit output and curb the global supply glut. Output by members of the Organization of the Petroleum Exporting Countries rose by 0.27%, to 32.75 million barrels a day in September, compared with the month prior. The increase was driven by higher production in Libya, Nigeria, Iraq and Gabon, according to OPEC’s closely watched monthly oil market report.OPEC and other major crude producers like Russia agreed nearly a year ago to cap production at around 1.8 million barrels a day below peak October 2016 levels, with the aim of alleviating oversupply and boosting prices. But the deal has been undermined in part by a surge in production in Libya and Nigeria, the two member countries not included in the deal because their oil industries had been damaged by civil unrest.
Source : WSJ
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