OPEC Output Rises to Record 33million Barrels Daily

Crude-Oil-Barrels-OPEC

Organisation of Petroleum Exporting Countries (OPEC) crude production climbed to a record in August as increased output from Gulf members made up for persisting losses in Nigeria and Libya, according to a survey by Bloomberg.

Supplies from the OPEC rose by 120 000 barrels a day to average 33.69 million a day last month amid increases by Iran, Iraq and Kuwait, the survey of analysts, oil companies and ship-tracking data showed.

The group is due to hold informal talks in three weeks in Algiers, where Russian President Vladimir Putin says an agreement can be reached to limit output.

Iraq led the increases, boosting supplies by 70 000 barrels a day to 4.48 million a day, after the government resumed flows from Kirkuk through a northern export pipeline controlled by the nation’s Kurds, signalling progress in a long-standing dispute over payments.

Iran raised production by 60 000 barrels a day to 3.62 million as it continues its return to global markets after the end of international sanctions in January.

Saudi Arabia, the group’s biggest and most powerful member, raised output by 30 000 barrels a day to an all-time high of 10.69 million a day.

The kingdom increased production to meet both domestic consumption which peaks during summer due to surging air conditioning use and demand from customers overseas, according to Saudi Energy Minister, Khalid Al-Falih.

OPEC nations will meet Russian Energy Minister Alexander Novak for informal talks on the side lines of an industry conference in Algiers scheduled for September 26 to September 28.

Nigeria meanwhile suffered the biggest production decline among OPEC’s 14 members last month, sliding by 130 000 barrels a day to 1.44 million a day. Companies are struggling to repair pipelines in the oil-rich Niger Delta following attacks claimed by militant groups.

Libya experienced the next-biggest losses, sliding 40 000 barrels a day to 260 000 a day as the country’s political factions continued to feud over the control of oil export terminals.

 

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