In September, OPEC’s oil production was at the highest level since April 2020 on the back of the returning Nigerian capacities.
Last month, the Organization of the Petroleum Exporting Countries pumped 27.31 million bpd, up by 420,000 bpd from August’s estimate.
Nigeria posted the biggest output increase by 170,000 bpd even when in August, the Forcados terminal export outlet was under force majeure.
Saudi Arabia was in second place as it further increased supply with OPEC and allies (OPEC+).
Iraq, Kuwait, the UAE, and Algeria made smaller increases. Output declined or did not increase in Angola, Congo, Equatorial Guinea, and Gabon.
Iran, which is exempted from the output cut pact, has shown a tad higher output last month as it has been able to raise exports amid US sanctions. Likewise, Libyan and Venezuelan output also slightly increased.
