Daily Energy Report
OPEC production decline, OPEC cuts demand growth estimate, OPEC+ exports decline, Permian problems, Russia’s growing shadow fleet, India eyes Brazil oil, China coal, and more.
Chart of the Day: OPEC Production Declined by 604 KB/D in September
Reuters: OPEC Says Russian Oil Output Edged Further Down in September
Reuters: Iraqi Oil Output was Below OPEC+ Quota in September, Government Official Says
Summary
OPEC crude oil production declined by 604 kb/d MoM according to secondary sources as stated in OPEC’s Monthly Oil Report that it released this morning. Most of the decrease came from Libya (-410 kb/d) and Iraq (-155 kb/d).
Production from non-OPEC members in OPEC+ increased by 47 kb/d. Kazakhstan production increased by 70 kb/d. In September, Russia reduced its crude oil output by 28 kb/d to approximately 9 mb/d, slightly above its OPEC+ quota. Russia plans further cuts in October and November to compensate for previous overproduction.
Iraq produced 3.94 mb/d as reported by Reuters, slightly below its 4 mb/d quota. Iraq, Kazakhstan, and Russia have committed to compensation cuts to balance their earlier excess production.