OPEC output lowest since 2011 after Aramco attacks

OPEC’s oil production has slumped to the lowest level since 2011 following attacks on the heart of Saudi Arabia’s oil industry, new data shows.

The 14-member organization’s monthly total in September was down 750,000 barrels per day (bpd) from August, Reuters reported.

A brazen attack by Yemeni forces last month shut down 5.7 million bpd of Saudi Arabia’s oil production, which represents more than half of the kingdom’s or five percent of global output.

It sent crude prices up 20% to $72 a barrel and exposed the vulnerability of the world’s largest oil exporter to a new situation.

Energy analysts have said the raid was akin to a massive heart attack for the oil market and global economy.

The global oil market is already tight because of unilateral US sanctions on Iran and Venezuela. In September, Saudi Arabia supplied 9.05 million bpd or 700,000 bpd less than in August, according to Reuters.

However, the drop was larger which state oil company Aramco limited by releasing stored crude from its inventories, the news agency said.

SS