OPEC production rises to 17-month high

Oil

OPEC's oil production rose in September to a 17-month high of 27.31M b/d, up 420K b/d m-o-m, Reuters reported. This corresponded with a compliance of 114% in September, as compared with 115% in August, suggesting that the 10 OPEC members are pumping less than called for under the latest deal. The biggest increase in September was from Nigeria at 170K b/d, followed by Saudi Arabia and the other Gulf producing countries of Iraq, Kuwait and the UAE.