OPEC Output Offsets Most of Gulf Loss
Extra production by OPEC members in September made up for 3 million of the 4-million-barrel-a-day loss caused by the Persian Gulf crisis, the Middle East Economic Survey reported today.
Members of the Organization of Petroleum Exporting Countries produced an average 22.49 million barrels a day in September, the Nicosia-based oil newsletter said. In July, the cartel was producing 23.5 million barrels a day.
Iraq’s Aug. 2 invasion of Kuwait, and the world embargo on exports from those two major producers, cut 4 million barrels a day from OPEC quota exports.
The Middle East Economic Survey said that in September, the increased production came from Saudi Arabia, with an extra 2.1 million barrels a day; Venezuela, 305,000; Nigeria, 260,000; Iran, 250,000, and Libya, 100,000.
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