Survey of oil companies, producers and analysts shows declines in OPEC output

OPEC production declined in September, led by lower output in the group’s three-biggest producers, according to a survey conducted by Bloomberg. The survey was taken of oil companies, producers and analysts, and it showed output from OPEC down 233,000 barrels per day from August to 32.05 million barrels per day.

Saudi Arabia, the group’s largest producer, saw the largest declines in September. Production from Saudi Arabia dipped by 0.2 MMBOPD to 10.3 MMBOPD. Fuel consumption in the Arabian Peninsula dropped from its summer peak, when high temperatures lead to increased use of air conditioners.

Iranian production fell by 0.1 MMBOPD to 2.8 MMBOPD after rising last month to the highest level since July 2012, when sanctions were imposed on the country to curb its nuclear program. Iraqi production decreased 0.09 MMBOPD to 4.21 MMBOPD in September.

Libyan output also slipped by 5 MBOPD to 350 MBOPD, the lowest level since February. The country’s current output is about a quarter of what it was before the 2011 rebellion that ended Muammar Qaddafi’s rule.

Brent crude oil closed down $0.05 today at $48.03. WTI was up $0.04 at $44.89 even after a building of 3.96 MMBO. Economists expected a draw of 0.1 MMBOPD.

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