OPEC OIL PRODUCTION HITS RECORD HIGHS IN SEPTEMBER

The recent surge in WTI was predicated upon a proposed production cut amongst thieves  — who have a long rich history of backstabbing one another.

At the end of the day, prices will tell the story. All of the rhetrotic about an oversupplied market is subterfuge and meaningless drivel when the prices for said market are explicitly rigged. Notice a theme here?

OPEC crude production rose to a record in September, according to a Bloomberg survey, driven by returning output from Libya and Nigeria, members who will likely be exempt from last week’s deal to cut supply.

Overall production from the Organization of Petroleum Exporting Countries increased by 170,000 barrels a day from the previous month to 33.75 million barrels a day, the survey of analysts, oil companies and ship-tracking data showed. Nigeria and Libya added a combined 190,000 barrels a day which compensated for a drop in output from Saudi Arabia and Angola.

Libya will reach 600,000 barrels a day by the end of this month, according to Ibrahim Al-Awami, head of Libya’s National Oil Corp.’s oil measurement department. The country with Africa’s largest crude reserves produced an average of 340,000 barrels a day in September, up from 260,000 in August.

Nigeria increased production by 7.9 percent to 1.5 million barrels a day. The returning barrels came as a delivery halt was lifted on Royal Dutch Shell Plc’s Bonny Light stream early last month. Bonny Light was one of four Nigerian grades under force majeure — a legal clause that allows companies to halt shipments without breaching contracts — for reasons including attacks by militants and saboteurs who seek to thwart export-pipeline operations absent a share of the revenues.

Iran’s production rose by 10,000 barrels a day to 3.63 million barrels a day. The rapid increase in output that followed the easing of sanctions in January has slowed in recent months, as production has neared pre-sanctions levels.

Oil output in Saudi Arabia — the world’s biggest crude exporter — dropped by 60,000 barrels a day as temperatures retreated from mid-summer highs, triggering a drop in domestic air conditioning usage. Angolan production dipped 40,000 barrels a day.

The next time someone tells you supply is coming off line and how the lower crude prices have taken a lot of barrels off the market, remember what you read today. Far too often we let these mongrels (extra Gross) get away with telling lies. These people should be captured, tortured, and then killed. I don’t have patience for false tales and sophists. The time has come for wanton reductions in the population — starting with OPEC production fibbers.