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The Organization of Petroleum Exporting Countries boosted crude production last month as Angola, Nigeria and Libya pumped more, the group said.
Output from OPEC, which supplies 40 percent of the world’s oil, climbed to 31.41 million barrels a day in August versus 31.16 million the previous month, OPEC’s Vienna-based secretariat said in its Monthly Oil Market Report today. The production level remains above a 30 million barrel target that the group set at a meeting in December.
Increased production coincided with a 9.2 percent advance in Brent crude on the ICE Futures Europe exchange during August. The benchmark oil grade rose 0.2 percent to $115.06 a barrel in London trading today.
Angola’s output rose about 12 percent last month to 1.85 million barrels a day, while Nigeria climbed to 2.18 million, according to the OPEC survey, which cites secondary sources for its information. Angola’s loading program for July was partly reduced by an incident at the Girassol field that caused Total SA to delay some shipments.
Saudi Arabia, the world’s largest crude exporter, pumped 9.86 million barrels in August versus 9.85 million in July, OPEC said, citing secondary sources. The kingdom also provided data to OPEC, which showed production at 9.75 million.
Iraq retained its position as the group’s second-largest producer, supplying 3.11 million barrels a day, outpacing Iran for a third month.- Bloomberg
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