OPEC pumps 70,000 barrels more oil in August
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More oil pumping from Libya and Angola pushed up production in the Organisation of Petroleum Exporting Countries (OPEC) by 70,000 barrels a day (b/d) last month.
The Middle Eastern group’s oil gushed up to 30.2 million b/d in August from 30.13 million b/d in July, according to a Platts survey of OPEC and oil industry officials released this week.
The total represents the highest volume from the group since August 2013, when output averaged 30.28 million b/d.
Rises in Angola, Libya, the United Arab Emirates (UAE) and Venezuela more than compensated for drops of 80,000 b/d and 50,000 b/d from Iraq and Saudi Arabia, respectively.
John Kingston, global director of news for Platts said: “It’s good news that output stayed healthy despite the obvious problems with Iraqi output and obviously, it’s a good report if you’re a consumer.”
Oil prices dipped below $100 per barrel this week.
