OPEC+ oil production drops by 500,000 bpd in September amid Iraqi cuts and Libyan shutdown

Shafaq News/ OPEC+ crude oil production fell by 500,000 barrels per day (bpd) in September, dropping to 40.23 million bpd. This decline was attributed to reduced Iraqi exports, refinery activity, direct burning, and a significant production shutdown in Libya.

A survey by Platts OPEC+ from S&P Global Commodity Insights revealed that Iraq, the largest producer in the group in 2024, cut its output by 130,000 bpd in September, bringing its production to 4.2 million bpd, a figure that includes quantities from the Kurdistan region.

The 13 OPEC members saw their crude output decline by 520,000 bpd to 26.25 million bpd, while the group's 10 allies, led by Russia, increased production by 20,000 bpd to 13.98 million bpd.

Falling oil prices have increased pressure on lagging producers like Iraq and Kazakhstan to comply with their production targets. Sources in OPEC+ told Commodity Insights that global oil inventories would be lower, and the market tighter if these countries adhered more closely to their quotas.

However, concerns over supply security have driven prices up in recent weeks, as the ongoing conflict in the Middle East threatens to disrupt oil production and exports.