OPEC has pumped the highest volume of crude oil since April 2020, after the OPEC + alliance agreed to reduce production cuts by 400,000 barrels per day (bpd) each month from August , according to the Reuters monthly survey on Tuesday.
The 13-member OPEC group produced 26.93 million bpd in August, an increase of 210,000 bpd compared to estimated production in July, according to a Reuters poll. OPEC, sources of consultants and oil companies and monitoring of data tanks.
Although OPEC continued to increase its oil production, the gain in August compared to July was lower than expected due to falling production and exports in some Member States.
OPEC’s increase in oil production comes after the OPEC + group decided on July 18 that it would begin returning 400,000 bpd to the market each month from August until it wastes all 5.8 million bpd. The group agreed to extend the existing agreement from April 2020 to the end of December 2022.
The ten OPEC members linked to the pact share 253,000 bpd of the monthly 400,000 bpd increase in OPEC + production, according to OPEC numbers seen by Reuters.
Thus, in August, the largest OPEC producers in the Gulf increased their oil production. Saudi Arabia’s largest producer added 180,000 bpd of supply, according to the Reuters poll. This was the largest increase among OPEC members. Iraq no. 2 of OPEC boosted exports, while the United Arab Emirates (UAE) – maintaining OPEC + talks in July – increased production by 40,000 bpd in line with its share of ‘August.
According to the survey, disruptions in Nigeria and Libya limited OPEC’s supply to the market. Shell declared in the middle of August greater force to the exports of Forcados from Nigeria, that registered the biggest fall of the offer, 100,000 bpd. Libya, exempt from OPEC + cuts, also recorded lower production in August due to a gas pipeline leak earlier this month.
By Tsvetana Paraskova for Oilprice.com
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