• 3 minutes Tesla is the Most American Made Car!
  • 7 minutes Should the US government be on the hook for $15 billion?
  • 9 minutes California breaks 1 GW energy storage milestone
  • 4 mins U.S. Presidential Elections Status - Electoral Votes
  • 2 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 9 hours Severe Drought in the West Will Greatly Reduce Electrical Production from Hydroelectric Turbines.
  • 1 hour The Climate Scare Stories Began With Far Left Ideology Per GreenPeace Co-Founder
  • 2 days Сryptocurrency predictions
  • 1 day NordStream2
  • 2 days Beware the Left's 'Degrowth' Movement (i.e. why Covid-19 is Good)
Refiners Face Huge Long-Term Challenges

Refiners Face Huge Long-Term Challenges

Refiners are only just starting…

Is America’s Oil Industry Too Big To Fail?

Is America’s Oil Industry Too Big To Fail?

America’s oil and gas industry…

Irina Slav

Irina Slav

Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.

More Info

Premium Content

OPEC Production Rises By 950,000 Bpd In August

OPEC produced more oil in August than it did in July as the cartel continued to relax its production cuts, a Reuters survey has revealed, with recovering demand also stimulating more production.

The August increase amounted to 950,000 bpd, the survey said, to a total of 24.27 million bpd. This appears to be despite Iraq’s pledge to cut an additional 400,000 bpd from its output in August to compensate for its undercompliance with the OEPC+ cuts. Nigeria had also pledged to effect additional production cuts to compensate for its overproduction since May.

When OPEC+ extended the record production cuts of 9.7 million bpd by one month through the end of July, the coalition agreed that all countries in the pact should comply 100 percent with their quotas, and those who have not, should be compensating for lack of compliance by overachieving in the cuts in July, August, and September.

Beginning in August, OPEC+ has reduced the cuts to 7.7 million bpd, of which OPEC’s 13 members need to cut a combined 4.868 million bpd, excluding Iraq’s and Nigeria’s compensatory cuts.

Demand for oil may be improving and thus helping the cartel stick to its quotas, but even OPEC is not particularly optimistic for oil demand this year. In its latest Monthly Oil Market Report the group said it expected oil demand loss this year to hit 9.1 million bpd, a 100,000-bpd upward revision on its July forecast. OPEC also estimated that the global economy could shrink by as much as 4 percent this year, a revision from 3.7 percent estimated in July.

Since June, when OPEC’s production hit the lowest since 1991, according to data surveyed by Reuters, output has rebounded by 2 million bpd, including 1 million bpd of production cuts that Saudi Arabia had implemented voluntarily to hasten the oil price rebound by tightening supply. In August, the Kingdom, which is OPEC’s largest producer by far, pumped 9 million bpd, up by 600,000 bpd from July.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment
  • Mamdouh Salameh on September 02 2020 said:
    So what is the surprise? Beginning the 1st of August, OPEC+ decided to reduce its agreed production cuts from 9.7 million barrels a day (mbd) to 7.7 mbd. Therefore, 2 mbd have to return to the global oil market. This is justified by an improvement in global oil demand.

    Dr Mamdouh G Salameh
    International Oil Economist
    Visiting Professor of Energy Economics at ESCP Europe Business School, London

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News