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Friday, 30 September 2016

Early Signs of OPEC Supply After Algiers Deal Show Saudi Dilemma - Bloomberg

Early Signs of OPEC Supply After Algiers Deal Show Saudi Dilemma - Bloomberg:

"Just days after OPEC agreed the framework for its first production cut in eight years, initial estimates of the group’s output this month show the potential bind faced by its most powerful member.
While Saudi Arabia lowered output this month -- following the typical seasonal shift as local consumption sags at the end of summer -- the group’s overall output remained steady as Nigeria and Libya restored disrupted supplies and Iran continued its return from international sanctions, according to data from Vienna-based consultants JBC Energy GmbH.
Saudi output fell by 140,000 barrels a day to 10.5 million a day last month, the data show. At the same time, Nigeria added 90,000 barrels a day and Libya pumped an extra 30,000, JBC said. That left total OPEC output stable at 33.5 million daily barrels, illustrating the challenge the Gulf kingdom may face to deliver on the Sept. 28 pledge to reduce the group’s output to 32.5 million to 33 million barrels a day."



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