OPEC oil production rose last August by 113 thousand barrels per day, led by Iraq, Iran and Nigeria, despite the continuation of voluntary cuts and the policy of the OPEC+ alliance to reduce supplies.
The monthly report issued by the Organization of Petroleum Exporting Countries, today, showed that total oil production in the 13 OPEC member states rose to 27.449 million barrels per day during the past month, compared to 27.336 million barrels per day in July 2023.
The increase in OPEC oil production last August comes despite the OPEC+ alliance’s agreement to reduce supplies by two million barrels per day starting from November 2022, until the end of 2024, in addition to the voluntary reductions implemented by 9 countries from the alliance, led by Saudi Arabia, according to what was monitored by the Energy Research Unit.
OPEC oil production in August 2023 OPEC oil production increased during August by 8 countries, led by Iran, Iraq and Nigeria, according to the monthly report.
Oil production in Iran - which is exempt from the OPEC+ agreement to reduce supplies - jumped by about 143,000 barrels per day during the past month, reaching 3 million barrels per day.
Oil production in Nigeria increased by about 98 thousand barrels per day, reaching 1.269 million barrels per day, and oil supplies in Iraq increased by 38 thousand barrels per day, reaching 4.277 million.
Libya's supplies of crude oil also increased by about 28 thousand barrels per day, bringing the total to 1.154 million barrels per day, which boosted OPEC's oil production last August.
In the UAE, crude oil production increased to a total of 2.913 million barrels per day, with an increase of 17 thousand barrels per day over the past month.
Crude oil supplies in Gabon, Equatorial Guinea and Kuwait increased by about 11, 7 and 2 thousand barrels per day, respectively.
A decrease in production from 5 countries. OPEC oil production declined last August from 5 member states of the organization, led by Saudi Arabia and Angola, according to the report seen by the Energy Research Unit.
Saudi Arabia's oil production fell by 88 thousand barrels per day, bringing the total to 8.967 million barrels per day during last August, with the voluntary reduction continuing to be implemented.
Saudi Arabia continues to voluntarily reduce production by one million barrels per day since last July and will continue until the end of this year.
Crude oil production in Angola also declined by about 60,000 barrels per day, bringing the total to 1.115 million barrels per day.
Venezuela's supplies of crude oil fell by about 42,000 barrels per day, reaching 730,000 barrels per day, according to the report, which was monitored by the Energy Research Unit./End
Source: National Iraqi News Agency