Saudi Arabia, the world’s largest oil exporter, told OPEC that the kingdom’s oil production in September fell by 660,000 barrels per day (bpd) compared with August to 9.13 million bpd in the wake of attacks on its energy installations.
Secondary sources said Saudi Arabia’s oil production was even lower, falling month-on-month in September by 1.28 million bpd to 8.56 million bpd, OPEC’s monthly report showed.
The Sept. 14 attacks targeted two of state oil giant Saudi Aramco’s plants, initially knocking out half of the kingdom’s oil production — 5% of global output.
The Organization of the Petroleum Exporting Countries said that in September the group’s overall production was 1.32 million bpd lower month/month at 28.49 million bpd.
OPEC, in the report, lowered its forecast for non-OPEC supply growth in 2020 by 50,000 bpd to 2.2 million bpd, due to downward revisions for Kazakhstan and Russia.
But the Vienna-based group left unchanged its 2020 forecast for global oil demand growth at 1.08 million bpd.
OPEC trimmed its forecast for world economic growth in 2020 to 3% from 3.1%, saying “it seems increasingly likely that the slowing growth momentum in the U.S. will carry over to 2020”.