Saudi Oil Production Holds Steady in September at 8.97 million barrels per day – Bloomberg

Early Monday, Bloomberg came out with the news conveying no change in Saudi Arabia’s September month oil production. As per the update that relies on an industry official, the kingdom’s oil output dropped from 8.988 million barrels a day in August to 8.974 million barrels a day in September. In doing so, Riyadh maintains its OPEC+ target production of below 9 million barrels a day since May, according to the piece.

Key quotes

With Brent crude under $40 a barrel as countries re-impose pandemic restrictions, the OPEC+ alliance is under pressure to deliver on those promised cuts.

The kingdom exported 6.1 million barrels a day during September, up from 6.0 million barrels a day in August, the same official said.

Market implications

WTI seems not to pay attention to the news, which otherwise would have a non-event, despite refreshing the intraday high to $38.00. The oil benchmark recently gained bids as global risk sentiment improved on news suggesting US President Donald Trump’s recovery from the coronavirus (COVID-19).

Read: WTI Price Analysis: Rebounds from 16-week-old support line above $37.00