OPEC oil output has fallen to an eight-year low in September after attacks on Sa...
LONDON - OPEC oil output has fallen to an eight-year low in September after attacks on Saudi oil plants cut production, deepening the impact of a supply pact and U.S. sanctions on Iran and Venezuela, a Reuters survey found.
The Sept. 14 attacks on two Saudi oil plants shut down 5.7 million bpd of production and sent crude prices up 20% to $72 a barrel on Sept. 16. The price has since fallen to $61, near levels before the Saudi attack, pressured by a rapid production restart and concern about slowing demand. The 11 OPEC members bound by the agreement, which now runs until March 2020, have easily exceeded the pledged cuts. Compliance has been at 218% in September, up from 131% in August, the survey found.The biggest drop was in Saudi Arabia, which supplied 9.05 million bpd, or 700,0000 bpd less than in August.The drop would have been even larger but for state oil company Aramco releasing stored crude from its inventories to limit the decline. Sources in the survey put Saudi production at between 8.
PDVSA this month suspended some crude blending and cut production in response to a build in domestic inventories while the sanctions have proved a deterrent to customers and shippers.
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