OPEC oil production has slid to the lowest in eight years on the back of attacks targeting Saudi Arabia’s oil infrastructure, according to a survey by Reuters. The dip in production sits against the backdrop of the organisation’s deal to cut production and US sanctions on Iran and Venezuela, which have already impacted output.
OPEC produced 28.9mn barrels per day in September 2019, Reuters revealed, a 750,000 bpd drop compared to the previous month. This is the lowest monthly output figure since 2011.
The attacks on Saudi Aramco’s Khurais and Abqaiq facilities halved its output, taking out 5.7mn bpd of production. Prices rose past $70 per barrel of Brent crude, before settling in the $60 per barrel range.
Saudi Aramco has since restored its production to 9.7mn bpd, close to its pre-attack level.
