OPEC’s crude oil production rose in August compared to July, another market survey found on Friday, despite OPEC’s continued calls for sticking to the cuts to achieve “market stability.”
According to the latest S&P Global Platts survey, OPEC’s production increased by 50,000 bpd from July to reach 29.93 million bpd in August, with Iraq, Nigeria, and Saudi Arabia boosting output.
Overall compliance with the cuts among the 11 OPEC members with quotas—that is OPEC minus exempted producers Libya, Venezuela, and Iran—fell to 103 percent last month from 117 percent in July, Platts estimates show.
In August, OPEC’s largest producer Saudi Arabia pumped 70,000 bpd more than in July, with output at 9.77 million bpd in August—but still more than 500,000 bpd below Riyadh’s production cap of 10.3 million bpd. Read More