OPEC oil output at lowest level this year: Survey

The Organization of the Petroleum Exporting Countries (OPEC) cut its production by 390,000 barrels per day (bpd) to 26.14 million bpd in September, according to a survey conducted by Reuters.

The report, published on Oct. 3, showed that Libya's supply, which is exempt from OPEC+ production agreements, fell by about 300,000 bpd last month. This drop pushed OPEC's overall oil production to its lowest level this year.

The survey found that OPEC pumped around 130,000 bpd more than the target agreed upon by the nine members participating in the supply cut agreements, with Iraq contributing the largest portion of the excess (90,000 bpd).

While Nigeria's oil supply declined by about 40,000 bpd due to lower exports, Iran's exports remained near their highest levels since 2018, with its production increasing despite U.S. sanctions.