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After a brief respite in August. OPEC oil production rose once again in September. to 32.75 million bpd. up 88.500 bpd from the previous month. the cartel reported in its latest Monthly Oil Market Report. August was the first month in five when OPEC production declined.
Under the production agreement. OPEC committed to 32.5 million bpd.
Libya led the September increase. with a 53.900-bpd monthly rise in its crude oil production. to 923.000 bpd.
It was followed by Nigeria. which pumped 50.800 bpd more last month. to an average daily of 1.855 million bpd. This secondary-source figure is higher than the 1.8-million-bpd mark Nigeria had set for itself as the level at which it would stop raising production and join its co-members in OPEC in their global supply cutting efforts. Nigeria has not yet provided its own production calculations.
The third largest contributor to the monthly increase in OPEC’s production was Iraq. which pumped 31.600 bpd more in September compared to August. Gabon. Equatorial Guinea. Qatar. and Iran also produced more crude last month. while Venezuela’s production fell the most. by 51.900 bpd.
