OPEC’s crude oil production rose in September compared to August, according to the group’s latest Monthly Oil Market Report (MOMR) published on Thursday, October 12, 2023.
According to the MOMR, OPEC’s crude oil production rose to 27.755 million barrels per day (bpd) in September, up 273,000 bpd from the 27.482 million bpd the group produced in August.
The largest increase in production was from Nigeria, which saw a 141,000 bpd increase month over month.
Saudi Arabia also saw a production increase, of 82,000 bpd.
Other OPEC members saw an increase, although smaller, including Algeria, Iran, Iraq, Kuwait, Libya, and the UAE.
But some members saw their production decline like
Production decline was witnessed in Algeria, Equatorial Guinea, Gabon, and Venezuela.
Venezuela saw its production fall by 25,000 bpd to 733,000 bpd, the lowest level since April 2023.
Saudi Arabia’s September production rose to 9.006 million bpd. The country’s quota—which includes The Kingdom’s 1 million bpd voluntary production cut quota—is 9 million bpd.
Iran’s September production, which rose to 3.058 million bpd, was the highest in years as the United States struggles to keep its oil revenues in check through sanctions, in a sign that the country is on its way to restoring production to pre-sanction levels.
OPEC members Iraq, Kuwait, Saudi Arabia, and the UAE reaffirmed their commitment to “collective and individual voluntary adjustments” to oil production after meeting on the sidelines of the UN MENA climate week last weekend.
Future Oil Demand
In the OECD region, oil demand in 2023 is expected to rise by 89 tb/d to an average of 45.8 million barrels per day (mb/d). Demand in OECD Americas is expected to witness the largest regional rise, led by the US, on the back of growing jet fuel demand and expanding gasoline requirements.
In the non-OECD region, total oil demand is expected to rise by about 2.3 million barrels per day (mb/d) to an average of 56.3 mb/d in 2023.
A steady increase in transportation and industrial fuel demand, supported by a recovery in China’s activity as well as other non-OECD regions, is projected to boost demand in the region in 2023
