Opec output saw its largest monthly fall since July 2023 for September amid Libya’s outages and improved compliance from Iraq. The group’s production dropped 460,000 b/d to 26.10mn b/d, its lowest level since August 2021, but is set to rebound this month as Libya emerges from its latest political showdown (MEES, 11 October).
Market concerns over Libyan outages have been replaced this month by concerns over the prospect of an Israeli attack on Iranian oil and gas assets (MEES, 11 October). While this remains an unlikely development, it is a live possibility, though US President Joe Biden on 4 October cautioned “If I were in their [Israel’s] shoes, I’d be thinking about other alternatives than striking [Iranian] oil fields.” (CONTINUED - 784 WORDS)
