OPEC September oil output rises for third month on Libya restart, Iran | Reuters

OPEC September oil output rises for third month on Libya restart, Iran | Reuters:

OPEC oil output has risen for a third month in September, a Reuters survey found, as a restart of some Libyan installations and higher Iranian exports offset strong adherence by other members to an OPEC-led supply cut deal.

The 13-member Organization of the Petroleum ExportingCountries pumped 24.38 million bpd on average in September, thesurvey found, up 160,000 bpd from August’s revised figure and a further boost from the three-decade low reached in June.

An increase in OPEC supply since August and concerns of a new demand hit as coronavirus cases rise have weighed on oil prices, which have fallen 10% in September to near $40 a barrel. OPEC is monitoring Libyan output, which has failed to sustain restarts in the past.

“While demand struggles to keep up, supply is rising,” said Paola Rodriguez-Masiu, analyst at Rystad Energy. “Libya’s production is coming back.”