Saudi oil output rise offset by decline in Iran, others
The Opec is struggling to add barrels to the market after agreeing in June to increase output, an internal document seen by Reuters showed, as an increase in Saudi Arabia was offset by declines in Iran, Venezuela and Angola.
Saudi Energy Minister Khalid Al Falih said the Organisation of the Petroleum Exporting Countries and non-Opec would pump roughly an extra 1 million bpd following a June agreement. The Opec document seen by Reuters adds to signs they have yet to deliver the full amount.
The Opec says it is on course to do so, although it hasn't given a timeframe. "It is a work in progress," Opec secretary-general Mohammad Barkindo said earlier this week.
The internal document prepared for a technical panel meeting on Friday showed that Opec members, excluding Nigeria, Libya and Congo pumped an extra 428,000 bpd in September compared to May.
Saudi Arabia pumped most of the extra oil, raising output by 524,000 bpd in September compared to May. Other increases came from Iraq, Kuwait and the UAE.
Iran, facing US sanctions on its oil exports from November 4, cut production by 376,000 bpd in September versus May.
Among other Opec members, production fell by 189,000 bpd in Venezuela and by 17,000 bpd in Angola.
The non-Opec nations cooperating with the Opec pumped an extra 296,000 bpd since May, the Opec document showed. Russia increased output by 389,000 bpd, although Kazakhstan, Mexico and Malaysia posted declines.
Nigeria, Libya and Congo are not included in the Opec's's supply-limiting pact. Including them brings the increase in the Opec's output in September to 628,000 bpd.