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OPEC+ production rose in August due to an increase from Iraq
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Economy News
OPEC+ crude oil production rose by 120,000 barrels per day last August, as increases from Iraq, Iran and Nigeria offset additional cuts by Saudi Arabia and Russia. OPEC+ production averaged 40.52 million barrels per day in the month, according to the latest Platts poll conducted by S&P. Global Commodity Insights.
Platts indicated in a report seen by Al-Iqtisad News that even with the net increase, the group’s production is still well below its levels earlier this summer, as Saudi Arabia implemented a voluntary reduction of one million barrels per day since July to help boost oil prices. market.
The survey showed that Saudi Arabia's crude production reached 8.95 million barrels per day in August, a decrease of 100,000 barrels per day on a monthly basis and at its lowest levels since May 2021.
Russia, the largest non-OPEC producer in the group, reduced its production by 20,000 barrels per day per month to 9.4 million barrels per day in August.
Russia pledged in July to reduce supplies by 500,000 barrels per day, but specified that it was about exports, not production.
Production in Iraq grew by 110,000 barrels per day with an increase in internal consumption, while Nigerian production increased by 60,000 barrels per day, and Iranian production of 2.95 million barrels per day was the highest since November 2018.
On the non-OPEC side, Kazakhstan saw a 50,000 bpd decline in field maintenance production, while the remaining allies kept production stable, according to the survey.
The OPEC+ alliance collectively continues to produce well below its quotas, with the total deficit reaching 1.1 million barrels per day in August, according to the survey.
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