MOSCOW, October 13. /TASS/. OPEC+ nations participating in the oil output cut agreement increased their crude production by 956,000 barrels per day (bpd) month-on-month in September, according to data from the latest OPEC monthly report.
Excluding Iran, Libya, and Venezuela - which are exempt from the deal - as well as the UAE, which withdrew from OPEC and OPEC+ effective May 1, the alliance's output stood at 30.753 million bpd.
OPEC+ previously extended the deadline for members to compensate for earlier overproduction through the end of 2026, though an updated schedule has not yet been released. The previous timeline envisaged the compensation period ending in June 2026. Consequently, the alliance's baseline September quota stood at 36.206 million bpd, meaning actual production fell short of the target allocation by 5.453 million bpd.
Among the OPEC+ nations, Saudi Arabia recorded the largest increase in oil production in September, scaling up output by 744,000 bpd to 8.001 million bpd. Other producers also boosted output: Iraq ramped up production by 386,000 bpd to 3.920 million bpd, Kazakhstan by 22,000 bpd to 1.851 million bpd, and Algeria by 3,000 bpd to 1.003 million bpd. Meanwhile, Kuwait’s oil production dropped by 140,000 bpd to 1.766 million bpd, and Russia pared output by 38,000 bpd to 8.643 million bpd, while Oman’s production remained virtually flat month-on-month at 939,000 bpd.
Among OPEC members exempt from the alliance's production curbs, Libya saw its output drop by 59,000 bpd to 1.291 million bpd in September, while Iran’s production fell by 99,000 bpd to 1.957 million bpd. Venezuela, however, marginally increased production by 18,000 bpd to 1.150 million bpd. Meanwhile, the UAE, which recently withdrew from OPEC and OPEC+, boosted its oil output by 86,000 bpd to 3.917 million bpd.