OPEC Oil Output Boost in September Limited by Iran Losses

[Sofia + 35]

OPEC delivered only a limited increase in oil production in September, a Reuters survey has found, as a cut in Iranian shipments due to U.S. sanctions offset higher output in Libya, Saudi Arabia and Angola. OPEC pumped 32.85 million barrels per day in September, up 90,000 bpd from August’s revised level and the highest this year. 

But the 12 OPEC members bound by a supply-limiting agreement actually cut output by 70,000 bpd because of declines in Iran and Venezuela, boosting compliance with supply targets to 128% from a revised 122% in August, the survey found.