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Opec oil production recorded its first month-on-month fall for six months in August as attacks on Iraq’s northern oil export pipeline to Turkey disrupted flows and saw Iraqi output slip from an all-time high in July. Saudi Arabia and the UAE however held output stable at near record-highs, yet again signaling their commitment to the group’s Saudi-led policy to defend market share over the oil price, despite prices slipping to a new six-year low late in the month.
Brent crude futures fell from $52/B at the start of August to as low as $42.7/B on 24 August before embarking on the biggest three-day rally in close to 25-years to once again top $50/B (see box), though this is still around $50/B down on year-ago levels.
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