International Organization
OPEC increases oil output in September
- Crude oil output increases the most in Nigeria, Libya, Gabon and Iraq while production shows declines in Venezuela

OPEC's crude oil production increased by 88 thousand barrels per day (b/d) to 32.75 million b/d in September, according to the organization's Wednesday report.

In September, output in non-OPEC countries increased to 57.57 million barrels per day (mb/d), up by 310 thousand b/d from August levels.

With the increase in OPEC and non-OPEC output, global oil supply raised by 410 thousand b/d to average 96.50 mb/d in September.

"The share of OPEC crude oil in total global production fell slightly by 0.1 percentage point to total 33.9 percent in September, compared with 34 percent in the previous month," OPEC said.

According to the organization, crude oil output increased the most in Nigeria, Libya, Gabon and Iraq while production showed declines in Venezuela.

Nigeria raised its production level by 50.8 thousand b/d, while output in Libya increased by 53.9 thousand b/d. Production struggled in Venezuela and dropped by 51.9 thousand b/d to 1.89 mb/d.

World oil demand growth in 2017 is expected to increase by 1.5 mb/d, representing an upward revision of around 30 thousand b/d from the previous report, mainly reflecting recent data showing an improvement in economic activities.

In 2018, world oil demand is anticipated to grow by 1.4 mb/d, following an upward adjustment of 30 thousand b/d over the previous report, due to the improving economic outlook in the world economy, particularly in China and Russia.

"In 2018, the growth in non-OPEC oil supply saw a downward revision of 60 thousand b/d to stand at 0.9 mb/d," the report said.

By Gulsen Cagatay

Anadolu Agency

11 Oct,2017