OPEC oil output rises further in Sept, survey finds

LONDON: OPEC’s oil output rose further in September after an OPEC+ agreement to raise production, a Reuters survey found on Thursday, mainly due to higher production by the United Arab Emirates and Saudi Arabia.

The Organization of the Petroleum Exporting Countries pumped 28.40 million barrels per day last month, up 330,000 bpd from August’s revised total, the survey showed, with the United Arab Emirates and Saudi Arabia making the largest increases.

OPEC+, which includes OPEC and allies including Russia, is accelerating its output hikes by starting in October to unwind a second layer of cuts ahead of plan. Simultaneously, some members are tasked with extra cuts to compensate for earlier overproduction, limiting the impact of the hikes.