OPEC Sept output fell 390k bpd on Libyan outages – survey

Reuters is out with its latest secondary sources survey of OPEC oil output and it has production down 290k barrels per day in the month to 26.14 mbpd.

Libyan output was down 300k bpd with the remainder of the bloc producing an additional 10k bpd. The survey also found that Iraq was still pumping 90k bpd above quota, news that will irk other OPEC members. Overall, members subject to quotas pumped 130k bpd above target.

The main offset in production from the Libyan drop was from Iran, which isn’t subject to quotas.

This article was written by Adam Button at www.forexlive.com.