Opec crude oil production rose for a third consecutive month in August but at a much slower pace. Output rose by a modest 50,000 b/d as declines in Saudi Arabia and Iran ate into gains elsewhere. Saudi output fell as Houthi attacks impeded shipments through Bab al-Mandeb from late July (MEES, 24 July), while the US naval blockade severely restricted Iranian loadings and exports (MEES, 21 August).
The declines would have been steeper if not for increases in Iraq and Kuwait, and marginal gains from members outside the Gulf. Despite the August declines, overall output still rose to 20.46mn b/d, indicating that shut-in capacity has fallen from more than 9mn b/d at its peak in May, including the impact of the first US blockade on Iran, to around 6mn b/d. (CONTINUED - 1031 WORDS)
