Weekly MENA Newsletter will be delivered to your email in PDF format every Friday (52 Issues per Year).
Opec gained an element of respite last August as Libyan outages drove the group’s production down to a three-month low of 32.62mn b/d. But with Libya restarting production at a key field, output is set to rise again in September. With Kazakhstan also ramping up output from its giant Kashagan field, the Opec-led efforts to stabilize the oil market are about to take another hit.
Despite the Libyan outages, Opec production was still a massive 700,000 b/d above its 31.92mn b/d output target (revised from the original 32.5mn b/d to take account of Indonesia’s suspended membership and Equatorial Guinea joining on 25 May).