New Opec Record Shows Size of Task Ahead

摘要

Opec countries boosted their combined output by 220,000 barrels per day in September to a new record high, according to secondary sources cited in the group's monthly report, underscoring how difficult it will be to pull off a substantial production cut (related). The ramp-up to 33.39 million b/d came in a month that saw Opec agree a tentative deal to cut production to 32.5 million-33 million b/d in Algiers. The secondary-source numbers therefore suggest at least 390,000 b/d will be taken out of the market if the deal is firmed up by the time of the next Opec summit on Nov. 30, and possibly as much as 890,000 b/d.