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Wednesday, October 14, 2015
OPEC members saw a drop in total oil production for the month of September, coming in at 31.2 million bpd. September’s production was down by 60,000 bpd from August as OPEC kingpin Saudi Arabia reigned in its ouput.
Saudi Arabia was the only member country to reduce supply last month. Small increases totaling 80,000 bpd came from Angola, Iran, Libya, Nigeria, and the UAE.
OPEC’s September drop follows a 140,000 bpd drop in August, the first fall in production since February. While production saw a decrease, the cartel is still producing over its 30 million bpd ceiling.
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