OPEC is widely expected to defer an announcement regarding an extension to cuts at its next policy meeting in November. However, oil has sustained a rise above $60 a barrel in recent days as expectations of an extension to OPEC-led cuts beyond March supported prices.
CNBC takes a look at the world’s 10 leading oil producers being urged to back an ongoing effort to clear a global supply overhang.
— CNBC’s Tom DiChristopher contributed to this report.
Russia overtook Saudi Arabia as the world’s largest crude producer in December 2016. The non-OPEC producer pumped 10.34 m/bd in August, a modest decline from the month previous.
OPEC has been partnering with other major oil exporters, most notably Russia, to keep about 1.8 million barrels per day of supply off the market through March. The goal is to shrink global crude stockpiles and drain a glut that has weighed on prices for the last three years.
2. Saudi Arabia
OPEC kingpin Saudi Arabia pumped 9.95 m/bd in August, slipping below 10 m/bd for the first time since May.
The cartel’s biggest producer has provided the lion’s share of cuts since OPEC implemented the caps in January.
The U.S. produced 9.34 m/bd in August, its third consecutive monthly increase, according to data published by JODI.
OPEC General Secretary Mohammed Barkindo called on U.S. shale oil producers to help support plans to curb global oil supply in early October, warning that unprecedented measures may soon be necessary in order to rebalance the oil market.
North American shale drillers have helped production soar by nearly 10 percent in the U.S. this year, according to Reuters, despite OPEC and some other producers — including Russia — cutting supplies in a bid to prop up prices.
Iraq, OPEC’s second-largest producer, pumped 4.38 m/bd in August, down from 4.4 m/bd in July.
Baghdad has yet to drive down output to levels it agreed to last winter.
Canada pumped 3.12 m/bd in August, according to data published by JODI, down slightly from the month previous.
Venezuela produced 2.1 m/bd in August, fractionally lower than the amount produced the previous month.
At the start of October, Venezuela’s Oil Minister Eulogio del Pino said the OPEC and non-OPEC coalition would try to recruit up to 16 more oil-producing countries to try and bolster rebalancing efforts.
The current deal, which runs through March, sees OPEC and 10 other non-OPEC countries pledge to keep 1.8 m/bd off the market.
Nigeria pumped around 1.99 m/bd in August, according to a JODI estimate.
Africa’s biggest producer has said it would consider production limits once its output stabilizes above that level. OPEC gave Nigeria and Libya a waiver because internal conflicts caused big production declines in both countries last year.
Mexico produced 1.94 m/bd in August, the third straight month the country had decreased oil supply.
Ahead of OPEC’s plan to extend a production cut through to the end of 2018, Mexico’s deputy energy minister reportedly said the country had not yet been consulted by the cartel.
Several non-OPEC producers, including Mexico, supported the organization in order to try and drain a global inventory glut last year.
Angola, OPEC member and Africa’s second largest oil producer, pumped 1.68 m/bd in August. It was the third consecutive month the country had increased oil production.
Norway pumped 1.57 million barrels per day (m/bd) in August, down from 1.62 m/bd in July, according to the latest data published on the website of the Joint Organizations Data Initiative (JODI).