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Oil production from OPEC’s 12 members rose to a 16-month high in August, as rising volumes in Nigeria and Angola, supplemented by the ongoing recovery in Libya, pushed the group’s total output further above the nominal 30mn b/d target, which has been in place since December 2011.
MEES estimates put total OPEC output at 30.68mn b/d for August, up 260,000 b/d from a downwardly revised 30.42mn b/d in July (see table), despite production slowdowns in the group’s two biggest producers, Saudi Arabia and Iraq.
OPEC output has been on the rise since March this year, when volumes slumped by close to 900,000 b/d. This represented the largest month-on-month decrease in the group’s output since March 2011, when the civil war in Libya knocked 1.1mn b/d off the country’s output (MEES, 11 April 2011). (CONTINUED - 857 WORDS)
DATA INSIDE THIS ARTICLE