Platts: September OPEC Oil Output Drops to 31.15 Million Barrels per Day
LONDON , Oct., 2012 /PRNewswire/ -- Crude oil output from the Organization of Petroleum Exporting Countries (OPEC) fell by 390,000 barrels per day (b/d) to 31.15 million b/d in September, with Saudi Arabia and Nigeria accounting for the bulk of the month-on-month drop, a Platts survey of OPEC and oil industry officials and analysts showed October 11. This follows August production of 31.54 million b/d and leaves OPEC overproducing its 30 million b/d ceiling by 1.15 million b/d.
Saudi Arabia pumped an average 9.85 million b/d in September, 150,000 b/d lower than August's 10 million b/d, a level it had maintained since May.
"The continued ability for Saudi Arabia to continue producing 10-million b/d has been called into question by some skeptics; the decline to less than 10 million b/d,...