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OPEC' s crude production at 10-month high

BY MARK SHENK

NEW YORK (Bloomberg) -- OPEC crude production climbed to a 10-month high in September as Saudi Arabia pumped barrels at the fastest pace in at least 24 years, a Bloomberg survey showed.

Output by the 12-member Organization of Petroleum Exporting Countries increased 43,000 barrels to an average 31.082 million barrels a day this month from a revised 31.039 million in August, the survey of oil companies, producers and analysts showed. The August total was revised lower by 1,000 barrels a day because of changes to the estimate for Ecuador.

Saudi output advanced 50,000 barrels to 10 million barrels a day in September, the seventh straight gain and the highest level for OPEC’s biggest supplier in monthly data going back to 1989. It was the third-biggest gain of any OPEC member this month after Nigeria and Iraq.

Libyan output tumbled 275,000 barrels to 300,000 barrels a day this month, the survey showed. It was the sixth straight decline and sent production to the lowest level since September 2011. Two years after the war that swept the late Muammar Qaddafi from power, Libyan government efforts to revive the oil industry are being stymied by feuding militias and protests.

09/30/2013

 

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