Crude oil exports from Organization of Petroleum Exporting Countries will ease by 30,000 bpd during the week ending Sept. 12 to 22.590 million bpd, according to new data from Halifax, England-based tanker tracker Oil Movements released late last week, continuing a recent trend that shows “enhanced compliance” with pledged production quotas.
OPEC members agreed to three separate reductions in their production in late 2008 amid the widening economic morass at the time that pummeled global demand for crude oil, culminating in a 4.2 million bpd cut from their September 2008 output level. The pledged reduction in their production took effect Jan. 1, which doesn’t require compliance by Iraq in the 12-member cartel.
OPEC-11 output in September 2008 was 29.045 million bpd, so their pledge would drop their collective production total to 24.845 million bpd.