Vienna: Crude oil production by the Organization of the Petroleum Exporting Countries (OPEC) rebounded in August, rising by around 346,000 barrels per day (bpd) from the previous month, Anadolu agency reported. In August, OPEC’s total output stood at about 24.08 million bpd, according to the group’s latest Monthly Oil Market Report.
According to Azerbaijan State News Agency, Iraq posted the largest monthly increase, with output rising by 664,000 bpd to around 3.38 million bpd. UAE’s production climbed by 54,000 bpd to 3.84 million bpd, while Kuwait increased output by 49,000 bpd to 1.89 million bpd. Production also rose in Nigeria, Venezuela, Gabon, and Algeria. Output increased by 35,000 bpd in Nigeria, 23,000 bpd in Venezuela, 10,000 bpd in Gabon, and 5,000 bpd in Algeria.
The largest decline came from Iran, whose production fell by 399,000 bpd to around 2.09 million bpd, while production in Saudi Arabia declined by 75,000 bpd to around 7.28 million bpd. Libya’s production fell by 9,000 bpd to 1.36 million bpd, Equatorial Guinea’s output slipped by 8,000 bpd to 47,000 bpd, and Congo’s output fell by 1,000 bpd to 275,000 bpd.
Crude oil production by the OPEC+ alliance, which includes OPEC members and several non-OPEC producers, also rose in August despite ongoing conflict in the region, the closure of the Strait of Hormuz, and disruptions to Gulf exports. The group’s output increased by about 297,000 barrels per day in August to average 38.06 million bpd.