Opec production rose by a hefty 950,000 b/d August with Libya returning to pre-blockade output levels of 1.2mn b/d, Saudi Arabia hitting 11mn b/d, and Kuwaiti output surging by 80,000 b/d. This boosted Opec’s overall crude output to 29.90mn b/d for August, up by 2.91mn b/d on a year earlier.
In theory August was when the group was supposed to have completely reversed the output cuts it made in 2020 at the height of the Covid-19 pandemic (MEES, 17 April 2020). But despite Opec posting its highest monthly output rise since June 2020, the ten Opec members subject to cuts were still a massive 1.23mn b/d below their quotas. (CONTINUED - 984 WORDS)