Saudi Arabia produced 9.5 million barrels per day in September, about 250,000 b/d below earlier estimations, Geneva-based tanker-tracker Petrologistics said in its latest report.
But higher than expected production from Iran and Iraq offset the Saudi revisions to enable Petrologistics to keep its original estimate for total OPEC production in September at 30.5 million b/d, up from the group’s 29.84 million b/d in August.
Petrologistics’ assessment of Saudi production is in line with levels confirmed by Saudi Oil Minister Ali Naimi. On Sunday, Naimi said the kingdom has production capacity of 11 million b/d in keeping with its policy of maintaining a spare production cushion of 1.5 to 2.0 million b/d.
Saudi Arabia exported a total 7.24 million b/d in September, Petrologistics said, compared to 7.1 million b/d in August.
Reflecting the decline in global demand for heavier crudes, exports of Arab Heavy fell to 918,000 b/d versus 1.15 million b/d the month earlier.
But exports of Arab Extra Light swelled to 1.34 million b/d versus 1.15 million b/d and Arab Medium exports jumped to 1.53 million b/d compared to 1.27 million b/d in August.
OPEC’s second-largest producer Iran pumped 3.95 million b/d, its highest level since April, and up from the 3.88 million b/d it produced in August.
