OPEC+ Raises Oil Production But Remains Compliant

Related stories

OPEC+ Surprises With Oversized Output Hike

OPEC+ will ramp up oil production more aggressively than anticipated...

2027: Okpebholo, Oborevwori, Eno, Edet, Others Rally Support for Tinubu

By Abiola Olawale The All Progressives Congress (APC) in the...

Amid Several National Grid Collapse, Power Minister Adelabu Unveils Ambition to Succeed Makinde in Oyo

Kicks Off State-wide Consultations By Abiola Olawale Minister of Power,...

Osun Guber: Davido’s Uncle, Adeleke Quashes Defection Rumours

Says he stands firm with PDP By Abiola Olawale Osun...

Zamfara 2027: Intrigues As ADC Extends Invitation to Governor Dauda Lawal

Governor Weighs options In what has been described as...

OPEC saw its crude oil production rise by 150,000 barrels per day (bpd) in August, data from secondary sources in the cartel’s monthly report showed, but even at higher quotas, the members part of the OPEC+ pact pumped less than estimated by tanker tracking surveys and less than the OPEC overall quota in the agreement.

Total crude oil production from all 13 OPEC members averaged 26.76 million bpd in August, according to secondary sources OPEC cited in its closely-watched Monthly Oil Market Report (MOMR) today. The August production was 150,000 bpd higher than the July crude output, as the OPEC+ alliance returns more barrels to the market as per the latest deal reached in July.

The increase, however, was lower than estimated in the monthly Reuters survey, which had pegged the rise at 210,000 bpd to average 26.93 million bpd, and even lower than the Bloomberg survey’s estimate of a 290,000 bpd rise to average 27.11 million bpd.

Despite the higher production, OPEC is actually pumping at some 10 percent below its overall quota for the 10 members bound by the OPEC+ pact, due to outages and technical difficulties in countries such as Nigeria and Angola, Bloomberg noted earlier this month.

According to estimates by TASS based on OPEC’s secondary sources data in the MOMR, the cartel complied with the pact at 121 percent in August, compared to a compliance rate of 115 percent in July.

OPEC’s data showed today the largest single rise in monthly production came from the cartel’s no. 2, Iraq—not from the top producer Saudi Arabia.

Iraq raised its crude oil production by 90,000 bpd to 4.056 million bpd. The Saudis increased output by 69,000 bpd to 9.488 million bpd for the second-largest increase, followed by the United Arab Emirates (UAE), which boosted production by 55,000 bpd to 2.777 million bpd. Nigeria’s production slumped by as much as 114,000 bpd, OPEC’s data showed, after Shell declared in mid-August force majeure on exports of the key grade Forcados.

Crude oil production in the three OPEC members exempted from the cuts—Iran, Libya, and Venezuela—was little changed between July and August, according to the secondary sources in OPEC’s report.

NB: Tsvetana Paraskova wrote this article for Oilprice.com

Tsvetana Paraskova
Tsvetana Paraskova
Hamilton Nwosa is an experienced, and committed communication, business, administrative, data and research specialist . His deep knowledge of the intersection between communication, business, data, and journalism are quite profound. His passion for professional excellence remains the guiding principle of his work, and in the course of his career spanning sectors such as administration, tourism, business management, communication and journalism, Hamilton has won key awards. He is a delightful writer, researcher and data analyst. He loves team-work, problem-solving, organizational management, communication strategy, and enjoys travelling. He can be reached at: hamilton_68@yahoo.com

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

Latest stories

NDN
Latest News
OPEC+ Surprises With Oversized Output Hike2027: Okpebholo, Oborevwori, Eno, Edet, Others Rally Support for TinubuAmid Several National Grid Collapse, Power Minister Adelabu Unveils Ambition to Succeed Makinde in OyoOsun Guber: Davido's Uncle, Adeleke Quashes Defection RumoursZamfara 2027: Intrigues As ADC Extends Invitation to Governor Dauda Lawal$4.2m Covid-19 Scam: Nigerian Pastor Goes to Jail, Osun Monarch, Oloyede Forfeits Assets in US As Crackdown BeginsNatasha Akpoti-Uduaghan: Senate Stipulates Terms for Reinstatement After Court's RulingTinubu Departs Saint Lucia, Heads to Brazil for BRICS Summit2027: Drama, Intrigues as Julius Abure Tells Otti to Quit Labour PartyFG Secures $100m for Lagos-Calabar Project from ECOWAS BankEx- Arsenal Star Thomas Partey Faces Rape, Sexual Assault Charges in UKEdwin Cortes: Prefers Being A Small Puerto Rican Than Big AmericanJune 12 And The International Pursuit of Justice For Abiola, By Femi FalanaBreaking Down the West’s $146 Billion 2024 Defence Technology InvestmentG7 vs. the World: GDP, Population, and Military Strength
X whatsapp