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OPEC's oil production increased in September, according to a survey

A survey released on Thursday found that OPEC oil production increased in September following an OPEC+ production agreement. This was mainly because of the United Arab Emirates' and Saudi Arabia's higher production.

According to the survey, the Organization of Petroleum Exporting Countries (OPEC) pumped 28,40 million barrels of oil per day in August, an increase of 330,000 barrels per days over the revised total for the month of August. The United Arab Emirates, and Saudi Arabia, were the countries that saw the biggest increases.

OPEC+ - which includes OPEC, Russia and its allies - is accelerating the production increases by beginning in October. This will allow a second level of cuts to be unwound ahead of schedule. Some members have to make additional cuts in order to compensate for overproduction earlier, which will limit the impact of the increases.

According to an agreement between eight OPEC+ member countries covering September production, five OPEC-members - Algerian, Iraqi, Kuwaiti, Saudi Arabia, and the UAE – were required to increase output by 415,000 bpd, before the effects of compensation cuts totaling 170,000 bpd.

According to the survey the actual increase of the five was 347, 000 bpd.

Many outside sources place the output of Iraq and the UAE higher than what the countries themselves claim.

Other estimates, like those from the International Energy Agency (IEA), say that they pump significantly more.

The survey aims at tracking supply on the market. It is based upon data provided by LSEG (a financial group), information from companies that track flow, such as Kpler and information provided from sources within oil companies, OPEC, and consultants. (Also by Ahmad Ghaddar, Susan Fenton edited this article)

(source: Reuters)