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OPEC crude output rises in August on Saudi supply surge

OPEC crude output rises in August on Saudi supply surge

Mubasher: Oil output from member states of the Organization of the Petroleum Exporting Countries (OPEC) grew last August, as increases from Saudi Arabia, the UAE, Nigeria and Iraq, offset shortfalls from Venezuela, Iran and Libya.

The 14-member group’s crude production averaged 29.74 million barrels per day (bpd), rising by 136,000 bpd, the producer club said in its closely watched monthly oil market report (OMR), which is based on independent sources.

The biggest increase was recorded in Saudi Arabia, produced 9.81 million bpd during August, 118,000 bpd month-on-month higher, while Nigeria’s crude output by 86,000 bpd to 1.87 million bpd.

Meanwhile, US sanctions-hit Venezuela and Iran saw their production dropping by 43,000 bpd and 24,000 bpd to 712,000 bpd and 2.19 million bpd respectively.

In addition, share of OPEC crude in the broader global production declined by 0.1% month-on-month to 30% last August.

Non-OPEC supply grew by 700,000 bpd to 69.50 million bpd during August.

OPEC’s data depend on initial figures from direct communication for non-OPEC supply, OPEC natural gas liquids (NGL) and non-conventional oil, while OPEC crude output are based on secondary sources.

By 12:55 pm GMT, global benchmark Brent futures jumped by 0.99% to $63 per barrel (pb), while US Nymex crude futures climbed by 0.94% to $57.94 pb.