Opec crude output at two-year low as global production falls

Steep falls in output from Libya and Iraq led to Opec output falling below 30m b/d

Global oil production fell by 625,000 barrels a day (b/d) in September, to 91.1 million b/d, driven by Opec output losses. Opec crude production fell below 30m b/d for the first time in almost two years because of steep falls in output from Libya and Iraq, the International Energy Agency (IEA) said. Opec supply fell by 645,000 b/d, to 29.99m b/d, the lowest level since October 2011. This is despite Saudi Arabian production topping 10 million b/d for the third consecutive month.  Iraq’s output fell by 400,000 b/d, to an 18-month low of 2.82m b/d, because of planned upgrading work at its southern ports. Libya’s production averaged just 300,000 b/d because of ongoing labour disputes, tribal vio