Opec production at eight-month low

Reduced output, weak demand and lower Iranian exports all weighed on fundamentals

The International Energy Agency (IEA) described the global oil market as “anything but normal” as reduced output, weak demand and lower Iranian exports, which fell by 860,000 b/d in September, all weighed on fundamentals. Opec crude oil supply fell to an eight-month low in September, down by 510,000 b/d to 31.17 million b/d, the IEA said. Increased supply from Iraq and Libya failed to offset reduced output from Nigeria, Iran and Saudi Arabia. The IEA said that while weak demand cut the call on Opec crude, by 400,000 b/d for the third quarter of 2012, to 30.7m b/d, Non-Opec output in September nudged up by 10,000 b/d month-on-month. The IEA said non-Opec production in 2013 is expected to incr