Survey Reveals OPEC’s  Second Straight Monthly Output Rise In Nigeria, Iran

Survey Reveals OPEC’s  Second Straight Monthly Output Rise In Nigeria, Iran

1 min read

OPEC has reported a second consecutive monthly increase in oil output for September, defying expectations and market dynamics.

The surge, primarily led by Nigeria and Iran, comes amidst ongoing production limits imposed by Saudi Arabia and other OPEC+ members, aimed at stabilizing global oil markets.

According to a recent Reuters survey released on Monday, OPEC’s overall oil production in October reached 27.73 million barrels per day (bpd), marking a noteworthy uptick of 120,000 bpd compared to August figures.

This development represents a significant departure from the trend observed since February, where production had been consistently constrained.

READ ALSO: Trump Accuses NY Attorney General Of Political Motives In Fraud Trial

Nigeria, a nation grappling with oil theft and regional instability in its oil-producing areas, emerged as a prominent contributor to the September upswing. Despite internal challenges, the country managed to bolster its oil production substantially.

READ ALSO  Raedial Farms CEO Canvasses Government Support In Commercial Agriculture

Another remarkable player in this unexpected rise was Iran, which, despite facing sanctions imposed by the United States, achieved its highest production levels since 2018.

The survey also highlighted that production from the ten OPEC member nations subject to OPEC+ supply reduction agreements experienced an increase of 80,000 bpd.

It is worth noting that Saudi Arabia and other Gulf states continued to display remarkable adherence to the agreed-upon production cuts, reinforcing their commitment to market stability.

This unanticipated surge in oil production by Nigeria and Iran underscores the complexities of global energy dynamics, revealing how geopolitical factors, regional challenges, and economic imperatives can sometimes override international agreements.

READ ALSO  Chinese Man Conducts Impeccable Hausa Interview With Igbo In Shanghai [WATCH]

As OPEC navigates these unexpected developments, the world watches with keen interest, aware of the potential impact on oil prices and the broader energy landscape.

Support Investigative Journalism and Mentorship

Courageous Journalism of Truth,Transparency and Development is in the DNA of Prime Business Africa; By donating as little as N1000 or $1 today, you are helping to keep credible journalism and life-changing information free for all.

READ ALSO  CBN's FX Reforms Pose Challenges, Opportunities For Investment Bankers, Says AIHN
+ posts

Leave a Reply

Your email address will not be published.