Reuters survey: OPEC oil production rose 2nd month boosted by ‎Nigeria and Iran

A survey conducted by Reuters showed today, Monday, that the Organization of the Petroleum Exporting Countries (OPEC) oil production rose for the second month in a row in September, supported by higher production from Nigeria and Iran, despite Saudi Arabia and other members of the broader OPEC+ alliance continuing to reduce production to support the market. ‏

According to Reuters, the survey showed that last month, OPEC pumped 27.73 million barrels per day, an increase of 120,000 barrels per day compared to August. Production rose in August for the first time since February

Nigeria led the increase in oil production in September, despite suffering from crude theft and insecurity in the oil-producing region. Iran, which is increasing supplies despite US sanctions, also pumped more supply and production reached the highest level since 2018.

The survey found that the production of the ten OPEC members subject to OPEC+ supply reduction agreements rose by 80,000 barrels per day. Saudi Arabia and other Gulf members remained strongly committed to the agreed upon cuts and additional voluntary cuts