OPEC and its allies face difficulty in increasing production
LONDON (Reuters) - The content of an OPEC internal document showed it had trouble pumping more oil into the market after agreeing in June to increase supply, the Reuters news agency reported on Friday.
She said the decline in production in Iran, Venezuela and Angola has dented the impact of rising Saudi production.
The document notes that they have not yet injected the additional amounts they have fully pledged.
OPEC says it is on track to implement the pledge, although it has not disclosed a time frame for this purpose. "The work is under way," FAO Secretary-General Mohamed Barkindo said earlier this week.
The internal document, prepared at FAO headquarters in Vienna for a technical committee meeting on Friday, showed that member states except Nigeria, Libya and the Congo pumped an additional 428,000 bpd in September compared to May.
Saudi Arabia, the world's top exporter of crude, pumped more oil to increase production by 524,000 bpd in September from May, according to the document. Other increases came from Iraq, Kuwait and the UAE.
Non-Opec producers have also pumped an additional 296,000 bpd since May, according to the document, with Russia increasing production by 389,000 bpd, although Kazakhstan, Mexico and Malaysia recorded a decline in production.
Production fell 189,000 bpd in Venezuela and 17,000 bpd in Angola.
Iran, which faces US sanctions on its oil exports from Nov. 4, has cut its output by 376,000 bpd in September compared to May. Tehran said OPEC and Saudi Arabia could not compensate for all the decline in Iran's exports.
"There is no spare capacity," Iran's OPEC governor, Kazempour Ardebili, said last month.
OPEC and its allies agreed in June 2018 to increase supply after US President Donald Trump urged producers to compensate for the loss of supplies due to sanctions on Iran to reduce the price of rising crude.
Saudi Energy Minister Khalid al-Falih said at the time that OPEC and producers from outside will pump additional supplies of 1 million barrels per day after the June agreement.