OPEC Oil Output Dropped In August From 2017 High On New Libyan Outages

OPEC Oil Output Dropped In August From 2017 High On New Libyan Outages

OPEC oil output fell last month by 170,000 barrels per day (bpd) to 32.83 million bpd from a 2017 high, a Reuters survey found, as renewed unrest cut supplies in Libya and other members stepped up compliance with a production-cutting deal.

A dip in supply from top two producers Saudi Arabia and Iraq helped to boost OPEC’s adherence to its output curbs to 89 percent, up 5 percentage points from July but still short of the levels above 90 percent achieved earlier in the year. The decline from Libya, and the lack of a further sizeable increase from Nigeria, will ease concerns that extra barrels from the two nations could swamp cutback made elsewhere. Libya and Nigeria were exempt from the cuts because conflict had curbed their production.

Among countries with higher output, Angola exported more cargoes than in July and supply in Nigeria edged higher as Shell’s Nigerian venture lifted a force majeure on Bonny Light crude exports. OPEC announced a production target of 32.50 million bpd last year, which was based on low figures for Libya and Nigeria. The target includes Indonesia, which has since left OPEC, and does not include Equatorial Guinea, the latest country to join OPEC.

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