OPEC Output Suffers Biggest Drop in 16 Years on Saudi Attacks
- Production tumbles by 1.59 million b/d in September: survey
- Monthly loss is biggest since Venezuelan unrest in 2002
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OPEC’s oil production tumbled the most in 16 years last month after an attack on Saudi Arabia’s energy facilities temporarily halved output in the world’s biggest crude exporter.
Supplies from the cartel’s 14 members plunged by 1.59 million barrels a day to 28.32 million a day, according to a Bloomberg survey of officials, ship-tracking data and estimates from consultants including Rystad Energy AS, JBC Energy GmbH and Energy Aspects Ltd. It’s the biggest monthly drop since labor strikes briefly paralyzed Venezuela’s oil industry in 2002.