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13 July 2024

Opec raises crude production

By Staff Writer




Gulf oil nations lifted crude production in October by 169,000 barrels per day to its highest level in a year, as they braced to enforce an Organisation of Petroleum Exporting Countries (Opec) decision to pump an additional 500,000 bpd beginning November. Official figures showed the UAE, Saudi Arabia, Kuwait, Qatar and Iran, which produces nearly a quarter of the global crude supplies, increased their output to 19.258 million bpd in October from 19.089 million bpd in September.


The figures, provided by those nations to the Riyadh-based Joint Oil Data Initiative (Jodi) showed the production by all those countries except Qatar has hit their highest level in October since September 2006.


A breakdown showed the UAE boosted production to 2.590 million bpd in October from 2.565 million bpd in September, while Saudi Arabia raised output to 9.138 million bpd from 9.074 million bpd in the same period.


Kuwait’s production increased to 2.624 million bpd from 2.557 million bpd, while Iran raised output slightly to 4.120 million bpd from 4.105 million bpd.


Qatar cut output by only 2,000 bpd to 786,000 bpd from 788,000 bpd.


Jodi gave no figures for war-battered Iraq, which is not included in Opec’s assigned production levels.


The 13-member Opec agreed last September to raise production of the 10 quota-bound countries by 500,000 bpd to 27.25 million bpd from November 1.


The decision followed calls by industrial countries and other consumers for Opec to pump more crude to ease soaring oil prices after it hit close to $100 because of surging demand, narrowing spare capacity, geopolitical tensions, especially in the Middle East, and growing speculation. At their meeting in Abu Dhabi on December 5, Opec oil ministers decided against a fresh output rise on the grounds the market is well supplied.