Crude oil production from the Organization of the Petroleum Exporting Countries (Opec) rose for the first time in the year in August, despite higher-than-pledged cuts from Saudi Arabia and other Gulf producers.
Producers pumped 29.61 million barrels per day (Mmbpd) last month – an 80,000 Bpd increase over July’s volumes, a Reuters survey revealed on Friday. The data suggests Opec surpassed its 800,000 Bpd cut target again, as compliance in August reached 136%. In July, compliance was higher, at 150%.
Saudi Arabia continued its efforts to lift up oil prices, producing less than its 10.31 Mmbpd quota. Output in the kingdom reached 9.63 Mmbpd last month – a 20,000 Bpd decline over July’s volume.
However, increases in Nigeria and Iraq offset the cuts in Saudi Arabia and elsewhere. The African nation pumped 80,000 Bpd more in August to average 1.93 Mmbpd, while the Middle Eastern country rose its volumes by 60,000 Bpd to 4.76 Mmbpd, Kallanish Energy reports.
According to the survey, July’s Opec output was the lowest since March 2014.
The monthly survey is based on shipping data, sources at oil companies, Opec and consulting firms. Opec’s semi-official output figures for August will be released on Sept. 11.
Russia, Opec’s major ally in the so-called Opec+ agreement, has also increased its output in August. (See related story)
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