Nigerian Crude Oil Output Fell Short of OPEC Quota in September

Iraq too recorded decline in production during the month, although it managed to pump 90,000 bpd above its quota.

SEATTLE (Oil Monster): According to the findings of a recent survey conducted by Reuters on the September output of OPEC members, Nigeria is perceived as having difficulty meeting its production quota. According to the study, the nation's production of crude oil decreased by 400,000 barrels in the course of the month.

In any case, over the past few months, Nigeria has struggled to increase its output. Not only does the output fulfill the OPEC quota, but it also falls short of the needs of local refinery units. Production has remained steady since the start of 2024, ranging between 1.2 and 1.3 million barrels per day (bpd).

Among other major oil producing nations, Libya’s output continued to be impacted, driven by disruptions on account of ongoing unrest in the country. The interruption in Libya's oil output led to an approximately 300,000 barrel per day reduction in supply. The increased OPEC+ supplies and raised fears about the world's oil consumption, in turn drove up oil prices.

Iraq saw a decrease in production as well during the month, although exceeding its quota by 90,000 barrels per day. Iran, on the other hand, saw a modest increase in production to reach its highest level since 2018.

Compared to the August's updated production estimates, OPEC's oil production fell by about 390,000 barrels per day to a total of 26.14 million barrels.