Denys Bédarride
Tuesday 6 October 2020 Last update on Tuesday, October 6, 2020 At 12:03 PM

The Organization of the Petroleum Exporting Countries saw its oil production jump 160,000 barrels per day in September. This performance is mainly attributable to the return of Libyan supply to the market.

The Organization of the Petroleum Exporting Countries (OPEC) pumped an average of 24.4 million barrels of oil per day in September, 160,000 barrels per day more than in August. This increase can be explained, among other things, by the restarting of certain Libyan installations and the improvement of Iranian exports.

It must be said that the increase in supply from OPEC members since the previous month and doubts about demand have had an impact on oil prices, as investors have shown very little confidence in the market. For example, in September, prices fell by 10% to almost $ 40 a barrel.

“While demand is struggling to keep up, supply is increasing,” said Paola Rodriguez-Masiu, analyst at Rystad Energy.

Recall that according to forecasts by the American investment bank Goldman Sachs, the demand for oil should increase by 3.7 million barrels per day between January and August of next year, while the supply will remain capped thanks to the OPEC + policy combined with a slight increase in non-OPEC supply.

Source Ecofin Agency