OPEC's oil production slipped to 28.49 million barrels a day in September

OPEC's monthly crude oil market report released on October 10 showed that OPEC's daily crude oil production in September decreased by 1.32 million barrels to 28.49 million barrels compared with August due to the decline of major oil producing countries such as Saudi Arabia. According to the analysis of recent data, the proportion of OPEC crude oil in the total global production decreased by 0.8% to 29.3% compared with last month. Against the background of OPEC +'s continuous implementation of the production reduction agreement and the attack on Saudi Crude oil facilities, the global crude oil demand has exceeded the output by 2.5 million barrels / day from July to September this year, and the international crude oil market is in the worst shortage since the first quarter of 2007. At that time, the production gap was 2.53 million barrels / day. As important oil facilities were attacked by drones, Saudi Arabia's daily production fell by 1.28 million barrels to 8.56 million barrels in September. In September, crude oil production of other key member countries decreased by varying degrees: 60000 barrels a day in Iraq, to 4.724 million barrels a day; 34000 barrels a day in Iran, to 2.159 million barrels a day; 184000 barrels a day in Venezuela, to 2.035 million barrels a day. Angola and Congo's crude oil production increased slightly. Ecuador's daily output, which is scheduled to exit OPEC on January 1, 2020, exceeds the limit of 30000 barrels. Nigeria promised to fully comply with OPEC's newly adjusted production quota of 1.774 million barrels per day, up from 1.685 million barrels per day. The gap in crude oil production means that OPEC may not be able to meet the global market demand, but the output growth of some non OPEC oil producing countries will not decrease. US crude oil supply climbed for the fourth straight week, adding 2.9 million barrels in the week to October 4, according to the EIA inventory report released last week. International crude oil prices fell 8.7% in the third quarter despite tightening conditions in the Middle East amid rising US production and slow growth in global oil demand. This is also reflected in the OPEC monthly report. As the data of developed economies in the Asia Pacific region and the Americas are weaker than expected, OPEC has lowered its crude oil demand growth forecast for the third consecutive month, reducing the global oil demand growth forecast for the rest of this year to 980000 barrels per day, and the global crude oil demand growth in 2020 is expected to be 1080000 barrels per day. OPEC Secretary General barjindo said that OPEC and its allies will make "appropriate, strong and positive decisions" when they meet on December 5 to maintain oil prices.