Oil: First increase of the year for the production of OPEC

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Market: Oil: First increase of the year for the production of OPEC

LONDON (Reuters) – OPEC's oil output rose in August for the first time this year, as pumping growth in Iraq and Nigeria offset a decline in Saudi Arabia and related losses. US sanctions against Iran, Friday shows a Reuters investigation.

The 14 members of the Organization of the Petroleum Exporting Countries extracted 29.61 million barrels per day (bpd) this month, 80,000 bpd more than in July, when production fell to its highest level. low level since 2014.

The 11 countries committed to the so-called "Opep +" agreement to reduce production to support prices reached 136% of production cuts under this agreement, against 150% in July, according to the survey. Two of the other three countries reduced their production.

Nigeria produced 80,000 bpd more than in July and Iraq 60,000.

Saudi Arabia, which had reduced its production in July to reduce its stocks, maintained its production at a similar level in August, 9.63 million bpd, while its official quota set by OPEC is 10.311 million of bpj.

The Opep + agreement, which links the cartel countries to several other major producers, including Russia, was extended in July until March 2020 with the aim of promoting price recovery.

The price of a barrel of Brent, which exceeded $ 75 in April, fell to around $ 60 because of the slowdown in demand.

Iran, which is not bound by the Opep + deal but is suffering from US sanctions, cut production by 50,000 bpd in August.

The Reuters survey is based on data provided by external sources, Refinitiv Eikon data and information provided by sources within oil companies, OPEC and consulting companies.

(Alex Lawler, with Rania El Ghamal, Marc Angrand for the French service)

Copyright © 2019 Thomson Reuters



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