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OPEC+ increases output in September
OPEC+ revealed in its September report a sharp increase in its oil production, reaching 39.07 million barrels per day, an increase of nearly 900,000 barrels compared to August, despite a decline in Russia's exports due to attacks on its infrastructure in Ukraine. Saudi Arabia recorded the largest increase in production, reaching 8.372 million barrels per day, after export operations returned to higher levels following a temporary halt caused by an attack on a pipeline. Meanwhile, Russia's production decreased by 38,000 barrels per day to 8.643 million barrels, affected by strikes on its oil facilities, while Kazakhstan's production increased by 22,000 barrels per day. The organization indicated that global oil demand is expected to rise to 108.3 million barrels per day in 2024, with ongoing efforts to compensate for the supply disruptions in the Middle East and Ukraine through rebuilding inventories.
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