According to a recent survey by Reuters, OPEC’s oil output dipped to a two-year low, falling from 30.32 MMBOPD in August 2013 to 30.07 MMBOPD in September 2013.

The survey comes despite the fact that Saudi Arabia, the world’s largest oil exporter, has not weaned its production and continues to export more than 10 MMBOPD. The September 2013 OPEC output is the lowest since October 2011, when OPEC pumped 29.81 MMBOPD, according to the survey, and leaves supply a mere 0.07 MMBOPD above its output target of 30 MMBOPD.

“This is a significant reduct...

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