OPEC's August Output Rises 230,000 Barrel per Day on Saudi, UAE, Nigeria, Iraq Increases - EIA
The US Energy Information Administration said that OPEC oil output averaged 29.71 million barrel per day in August, up 230,000 from July as production increases in Saudi Arabia, the UAE, Nigeria and Iraq offset declines in Venezuela and Libya. In its monthly Short-Term Energy Outlook, it expects OPEC oil output to average 30.03 million barrel per day in 2019 and 29.6 million barrrel per day in 2020, down 100,000 barrel per day and 190,000 barrel per day, respectively, from last month's forecast. OPEC's crude output at 29.93 million barrel per day in August, up 50,000 barrel per day from July. A production cut agreement between OPEC and other producers, along with US sanctions on crude oil exports out of Iran and Venezuela, have caused a tightening in global crude supplies, particularly heavy and sour crudes.
EIA said that OPEC oil output has declined 2.56 million barrel per day since January 2018. Venezuelan output fell to 750,000 in August from 800,000 in July, while Libyan oil output fell to 1.09 million barrel per day in August from 1.13 million barrel per day in July. Saudi oil output averaged 9.85 million barrel per day in August, up from 9.75 million barrel per day in July, but still well below the 11 million barrel per day mark reached in November.
EIA added that MoM oil output in Nigeria rose to 1.67 million barrel per day in August from 1.6 million barrel per day in July; in UAE, to 3.15 million barrel per day from 3.1 million barrel per day; in Iraq, to 4.75 million barrel per day from 4.7 million barrel per day and in Angola, to 1.43 million barrel per day from 1.39 million barrel per day.
Source : Platts