Total OPEC output sank to an 8-year low of 28.9 Mbbl/day in September, down 750 kbbl/day from the previous month.
Saudi Arabia supplied 9.05 Mbbl/day in September, with about 500 kbbl/day sourced from storage volumes. The kingdom is currently averaging about 9.8 Mbbl/day, on par with its August average. The Saudis have now restored their production capacity to 11.3 Mbbl/day, on par with levels before the September 14 attacks.
Iraqi oil exports dipped to 3.58 Mbbl/day in September, down from 3.60 Mbbl/day in August.
Ecuador announced plans to exit OPEC next year, due to "internal challenges" that have strained the country's finances. The country produces about 545 kbbl/day, well above its quota of 508 kbbl/day, and says it plans to boost output in order to raise revenues.
Russian output dipped from 11.29 Mbbl/day in August to about 11.24 Mbbl/day in September, still slightly above its OPEC+ quota.
The EIA says total US crude output dipped to 11.8 Mbbl/day in July, down from a record 12.1 Mbbl/day in April. The decline was blamed on GoM outages due to Hurricane Barry. Preliminary weekly estimates peg total US output closer to 12.3 Mbbl/day in August, and 12.4 Mbbl/day in September.
Baker Hughes reported a seventh consecutive weekly decline in US oil rig counts, falling by another three this week, leaving just 710 rigs in service, a 29-month low. Canada gained 17 oil rigs, ending the week at 105.