OPEC Oil Output Slips From 2017 High On Renewed Libyan Outages 2017-09-04
OPEC Oil Output Slips
Opec oil output has fallen this month by 170,000 barrels per day (bpd) from a 2017 high, a Reuters survey found, as renewed unrest cut supplies in Libya and other memebers stepped up compliance with a production-cutting deal.

A dip in supply from top two producers Saudi Arabia and Iraq helped to boost OPEC's adherence to its output curbs to 89 percent, up 5 percentage points from July but still short of the levels above 90 percent achieved earlier in the year.

The decline from Libya, and the lack of a further sizeable increase from Nigeria, will ease concerns that extra barrels from the two nations could swamp cutback made elsewhere. Libya and Nigeria were exempt from the cuts because conflict had curbed their production.

"Libya's producton has dropped by more than 350,000 bpd this past week," said Ole Hansen, a commodities analyst at Saxo Bank.

As part of a deal with Russia and other non-members, the Organization of the Petroleum Exporting Countries is reducing output by about 1.2 million bpd from Jan.1,2017 until March next year.

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