OPEC raised its August oil production by 618,000 bpd, according to the group’s Monthly Oil Market Report published on September 13.
According to OPEC’s secondary sources, OPEC raised its production to 29.651 million bpd, with the largest increases coming from Libya and Saudi Arabia.
Libya’s oil production has been severely depressed in recent months, but for now, production has climbed back above 1 million bpd, to 1.123 million bpd, compared to 697,000 in July. Libya’s average crude oil production for 2021 was 1.143 million bpd.
Saudi Arabia lifted production as well, to 10.904 million bpd in August compared to 10.744 million bpd. This is 100,000 bpd lower than the 11.004 million bpd laid out in its August quota.
The largest laggards to the production cut deal for the month of August are Nigeria (1.1 million bpd produced versus a 1.826 million bpd target) and Angola, which produced 1.187 million bpd versus its 1.525 million bpd target. Iraq also underproduced in August by 126,000 bpd.
Source: OPEC MOMR (September 13, 2022)
While still under the set production targets, OPEC has managed to lift its production in every month since May, although it has failed to meet its full production allocations in any of those months.
OPEC’s MOMR suggested that Russia’s July liquids production increased by 36,000 bpd, to 11.1 million bpd. But OPEC’s preliminary outlook for Russia’s August crude and condensate production was that it fell by 71,000 bpd to average 9.8 million bpd, with a decline of 119,000 bpd for NGLs.
Oil prices were trading down on Tuesday morning at 9:30 a.m. ET. WTI was trading at $87.54—down $0.24 (-0.27%) on the day, with Brent crude trading at $93.59 per barrel, down $0.41 (-0.44%) on the day.
By Julianne Geiger for Oilprice.com
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