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OPEC increases oil output to compensate for Iran's decline in sanctions
The Organization of Petroleum Exporting Countries (OPEC) resumed its oil production last month with a push from Saudi Arabia and other countries to compensate for further decline in Iran's output.
OPEC's total output rose by 132,000 bpd in September from Saudi Arabia, Libya and Angola, according to indirect sources quoted by OPEC in its annual oil report. Production reached 32 million and 761,000 bpd, according to Western media.
Riyadh contributed a larger increase by 168,000 bpd compared to August 2018.
OPEC's output has increased by 132,000 bpd despite a new drop in Iran's production of 150,000 bpd under pressure from US sanctions.
Iran, OPEC's third largest producer, produced only 3,447 million bpd last month after it produced 3,697 million bpd in July.
After withdrawing in May from the nuclear deal in 2015, Washington is set to return in early November a second series of sanctions against Iran, which targets the energy sector.
With Saudi Arabia's Crown Prince Mohammed bin Salman saying recently that Riyadh could compensate for Iran's lack of exports,
OPEC has slightly revised its estimate of high demand for crude and for 2019.
It expects an increase of 1.54 million bpd this year for a total demand of 98.79 million bpd.
OPEC is explaining the change by slowing down in Latin America and the Middle East but also in Western Europe.
It also pointed to a weaker-than-expected demand for diesel in Germany and France.
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