Survey Reveals Increase In OPEC Oil Output For Second Consecutive Month In Nigeria, Iran

According to a survey conducted by Reuters released on Monday, OPEC oil output increased in September for the second consecutive month, driven by rises in Nigeria and Iran despite continued production limits by Saudi Arabia and other members of the broader OPEC+ alliance to support the market.

The poll discovered that in October, the Organization of the Petroleum Exporting Countries (OPEC) pumped 27.73 million barrels per day (bpd), an increase of 120,000 bpd from August. In August, production increased for the first time since February.

Nigeria, which has been struggling with oil theft and instability in its oil-producing regions, was at the forefront of the increase in September. Iran, in defiance of sanctions imposed by the US, increased production as well, reaching its highest level since 2018.

According to the poll, production from the 10 OPEC nations that are subject to OPEC+ supply reduction agreements increased by 80,000 bpd. Saudi Arabia and the other Gulf states remained very compliant with the agreed-upon reductions and further optional reductions.

Ozioma Samuel-Ugwuezi