Opec’s production remained relatively stable in August, creeping up just 20,000 b/d to 29.81mn b/d. The group’s key players are to meet alongside non-Opec counterparts next week in Abu Dhabi, where the focus will be on those members which continue to breach their obligations.
Overall, the 11 members subject to production quotas produced 250,000 b/d less than their allocated total (see table). This is down from July’s 370,000 b/d thanks to sizeable production increases from Saudi Arabia, Iraq and Nigeria. Of this trio, Saudi Arabia continues to produce massively below its allocation but the other two are almost 500,000 b/d above their combined commitment. The kingdom has made it clear that it will do whatever it takes to balance the market, but that will not include bearing the burden for those brazenly failing to comply. (CONTINUED - 960 WORDS)