OPEC oil output may have reached its highest in recent history in September, a Reuters survey found on Friday, as Iraq boosted northern exports and Libya reopened some of its main oil terminals.
Supply from OPEC rose to 33.60m bbl/day in September from a revised 33.53m bbl/day in August, according to the survey based on shipping data and information from industry sources.
Report of the unprecedented output has renewed worries the cartel will be unlikely to maintain production caps to support prices when the ministers meet in Vienna next month.
Brent oil is trading at $50.05 a barrel Monday morning and starting the week above 50 $/bbl, with Brent 1st line price being effectively lifted by November futures expiry last Friday, allowing the December futures to roll up.
Oil is in fact down 14 c/bbl versus Friday’s close. After all the OPEC related fireworks last week it will be interesting to see what price path Brent takes this week.
OPEC out increase comes despite lower output in top exporter Saudi Arabia and last week’s agreement by OPEC in Algeria to limit supply to support prices, its first such decision since 2008.
