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Oil production by the Organization of the Petroleum Exporting Countries (OPEC) is in August at its highest level since 2018, as Libyan output recovered and Iraqi exports hit a record, despite a reduction in Iranian shipments due to US sanctions. limited growth.
According to foreign media, the 15-member organization produced 32.79 million barrels per day in August, 220,000 barrels more than July's revised level and the highest this year.
Recall that in June, OPEC, Russia and other non-member countries agreed to return to 100 percent compliance with oil production cuts that began in January 2017, after months of underproduction in Venezuela and elsewhere pushed adherence above 160 percent.
Top exporter Saudi Arabia, which promised a "controlled" increase in its output, said the decision would translate into an increase of about 1 million barrels per day.
However, OPEC's compliance with supply targets rose to 120 percent in August from a revised 117 percent in July, as extra barrels from Saudi Arabia and other countries did not fully offset losses from Iran and falling Venezuelan output. and Angola.
The largest increase in supplies this month has come from Libya, whose output remains volatile due to unrest. Meanwhile, the second largest increase came from Iraq, where southern exports reached a record high. Shipments also rose from the north, leaving Iraq as the least compliant OPEC member in August according to the survey.
Saudi Arabia, after a big increase in June output, appeared to back out of plans for a further boost in July and cut supply last month to 10.40 million bpd. Supply rose to 10.48 million barrels per day in August, the survey found, still lower than June's 10.60 million barrels per day.
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