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OPEC oil output up in August

OPEC oil output up in August
According to secondary sources, total OPEC-15 crude oil production averaged 32.56 million barrels per day (mb/d) in August, an increase of 278,000 b/d over the previous month, the cartel said in its Oil Market Report.
Crude oil output increased mostly in Libya, Iraq, Nigeria and Saudi Arabia, while production declined in I.R. Iran, Venezuela and Algeria, said the report.
OPEC natural gas liquids (NGLs) and non-conventional liquids production is expected to grow by 0.12 mb/d to average 6.36 mb/d in 2018, and 0.11 mb/d to average 6.47 mb/d in 2019, unchanged from last month’s assessment, said the cartel.
OPEC said that preliminary production data in July and August shows stagnant output at 6.39 mb/d, 0.07 mb/d higher than June’s level and up by 0.04 mb/d, y-o-y.

In December 2016, at a meeting of oil producers in Vienna, 11 non-OPEC member countries, including Azerbaijan, agreed to cut oil production by a total of 558,000 barrels a day. The agreement was concluded for the first half of 2017 and was extended until the end of the first quarter of 2018 at a meeting on May 25, 2017.
At the last OPEC meeting in Vienna, the agreement was again extended until the end of 2018. Azerbaijan supported the decision.



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