OPEC reports increase in oil production despite agreement compliance

Shafaq News/ OPEC member states saw a significant rise in oil production last month, increasing by 273 thousand barrels per day compared to the previous month.

The organization's monthly report revealed that production reached an average of 27.75 million barrels per day thanks to increased output from Nigeria, Saudi Arabia, and Kuwait. Interestingly, OPEC+ countries collectively produced less than the permissible levels by 3.88 million barrels per day, effectively adhering to the agreement by 305%.

The report detailed that OPEC's total crude oil production in September 2023 averaged 27.75 million barrels per day, representing a notable increase of 273 thousand barrels per day from August. This boost in production was primarily attributed to higher output in Nigeria, Saudi Arabia, and Kuwait. Conversely, production decreased in Venezuela and Equatorial Guinea.

Despite challenges, OPEC's over-compliance with the "OPEC+" agreement reduced production by 3.88 million barrels per day above the prescribed quotas, demonstrating the organization's commitment to regulating global oil markets.