• 4 minutes Why Trump Is Right to Re-Open the Economy
  • 7 minutes Did Trump start the oil price war?
  • 11 minutes Covid-19 logarithmic growth
  • 15 minutes Charts of COVID-19 Fatality Rate by Age and Sex
  • 18 minutes China Takes Axe To Alternative Energy Funding, Slashing Subsidies For Solar And Wind
  • 2 hours Russia's Rosneft Oil Company announces termination of its activity in Venezuela
  • 4 hours America’s Corona Tsar, Andrew Fauci, Concedes Covid-19 May Be Just a Bad Flu With a Fatality Rate of 0.1%
  • 10 hours Saudi Arabia Can't Endure $30 Oil For Long
  • 8 hours Where's the storage?
  • 3 hours TRUMP pushing Hydroxychloroquine + Zpak therapy forward despite FDA conservative approach. As he reasons, "What have we got to lose ?"
  • 6 hours KSA taking Missiles from ?
  • 8 hours Western Canadian Select selling for $6.48 bbl. Enbridge charges between $7 to $9 bbl to ship to the GOM refineries.
  • 15 hours Oxford Epidemiologist: Here’s Why That Covid-19 Doomsday Model Is Likely Way Off
  • 9 hours Hillary Clinton tweeted a sick Covid joke just to attack Trump
  • 11 hours China extracts record amount of natural gas from Gas Hydrates in South China Sea
  • 12 hours Wait till America opens their Q1 401k Investment Statements and see they have lost 35% of their retirement savings. They can blame the Authoritarian Chinese Communist Party..
  • 14 hours There are 4 major mfg of hydroxychloroquine in the world. China, Germany, India and Israel. Germany and India are hoarding production and blocked exports to the United States. China not shipping any , don't know their policy.
Julianne Geiger

Julianne Geiger

Julianne Geiger is a veteran editor, writer and researcher for Oilprice.com, and a member of the Creative Professionals Networking Group.

More Info

Premium Content

OPEC Abandons ‘’Whatever It Takes Strategy’’, Boosts Production

OPEC’s production increased in August thanks to Iraq and Nigeria a Reuters survey found on Friday.

OPEC’s August production has been estimated at 29.61 million barrels per day, which is 80,000 barrels per day over July’s production level.

The production increase is surprising, given that Iran and Venezuela are producing less not by choice, and continue to face uphill battles when it comes to maintaining their oil production. Saudi Arabia, too, over complied with the production cut deal again as expected, but it raised production for August slightly over July. Overall, the group is still over complying with the production quotas.

This brings OPEC’s compliance for August is now estimated at 136%, no thanks to Iraq and Nigeria, who lifted production by 80,000 barrels per day and 60,000 barrels per day, respectively. And even though Saudi Arabia is still over complying, it lifted production in August to produce 9.63 million barrels per day.

While Iraq, Nigeria, and Saudi Arabia increased production in August, Iran’s production fell further—experiencing a 50,000 barrels per day loss for the month. US Secretary of State Mike Pompeo last week said it had successfully removed 2.7 million barrels of oil per day off the oil market since it first sanctioned the country.

Iran’s July oil and condensates exports for July fell to 120,000 barrels per day, Reuters said last week.  Iran’s production for July was 2.21 million bpd. This compares to an average daily production rate of 3.55 million barrels for all of 2018.

Oil prices fell sharply on Friday, and news that OPEC’s production increased this month may press further down on prices. At 3:26pm EST, WTI was trading down 3.14% on the day at $54.93 per barrel, while Brent crude was trading at $58.88, down 2.66% on the day.

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage






Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News