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OPEC oil output drops in September on declining Saudi supply

OPEC oil output drops in September on declining Saudi supply

Mubasher: Oil output from member states of the Organization of the Petroleum Exporting Countries (OPEC) fell last September, led by supply shortage from Saudi Arabia.

The 14-member group’s crude production averaged 28.491 million barrels per day (bpd), dropping by 1.318 bpd, the producer club said in its closely watched monthly oil market report (OMR), which is based on independent sources.

Saudi Arabia, the world’s biggest oil producer, saw its production declining by 1.28 million bpd to 8.564 million last September.

Saudi Arabia’s production was slashed to half, or around 5% of global output, just after the attacks on two oil facilities.

OPEC downgraded its outlook for non-OPEC output growth next year by 50,000 bpd to 2.2 million bpd, owing to downward revisions for Kazakhstan and Russia.

In addition, the producer club lowered its forecast for global economic growth next year to 3% instead of the previous projection of 3.1%.

“Among other issues, it seems increasingly likely that the slowing growth momentum in the US will carry over into 2020, while ongoing uncertainties surrounding the EU, including Brexit, will remain,” OPEC said in its report.

Meanwhile, it kept its 2020 projection for global oil demand growth at 1.08 million bpd.

By 1:24 pm GMT, US Nymex crude futures jumped by 1.14% to $53.19 per barrel (pb), while global benchmark Brent futures climbed by 1.01% to $58.91 pb.