OPEC oil output sinks to lowest since 2011 after #Saudi attacks: Reuters survey - Reuters

OPEC oil output sinks to lowest since 2011 after Saudi attacks: Reuters survey - Reuters:

OPEC oil output has fallen to an eight-year low in September after attacks on Saudi oil plants cut production, deepening the impact of a supply pact and U.S. sanctions on Iran and Venezuela, a Reuters survey found.

The 14-member Organization of the Petroleum Exporting Countries (OPEC) has pumped 28.9 million barrels per day (bpd) this month, the survey showed, down 750,000 bpd from August’s revised figure and the lowest monthly total since 2011.

The Sept. 14 attacks on two Saudi oil plants shut down 5.7 million bpd of production and sent crude prices up 20% to $72 a barrel on Sept. 16. The price has since fallen to $61, near levels before the Saudi attack, pressured by a rapid production restart and concern about slowing demand.