• 4 minutes Mueller Report Brings Into Focus Obama's Attempted Coup Against Trump
  • 7 minutes Countries with the most oil and where they're selling it
  • 10 minutes Stack gas analyzers
  • 13 minutes What Would Happen If the World Ran Out of Crude Oil?
  • 23 hours US Military Spends at least $81 Billion Protecting OPEC Persian Gulf Oil Shipping Lanes (16% DoD Budget)
  • 2 hours How many drilling sites are left in the Permian?
  • 23 hours "Undeniable" Shale Slowdown?
  • 5 hours Mueller Report Brings Into Focus Trump's Attempts to Interfere in the Special Counsel Investigation
  • 1 day Overheating the Earth: High Temperatures Shortened Alaska’s Winter Weather
  • 1 day China To Promote Using Wind Energy To Power Heating
  • 1 day Gas Flaring
  • 1 day Climate Change Protests
  • 6 hours Case against Trans Mountain Begins
  • 5 hours Trudeau Faces a New Foe as Conservatives Retake Power in Alberta
  • 22 hours Everything Is Possible: Germany’s Coal Plants May Be Converted to Giant Batteries
  • 14 hours U.S. Refiners Planning Major Plant Overhauls In Second Quarter
  • 2 days Oil at $40
  • 2 days Negative Gas Prices in the Permian

Breaking News:

Guaido Takes Strides To Topple Maduro

Alt Text

U.S. Greenlights Two Major LNG Export Projects

The U.S. Federal Energy Regulatory…

Alt Text

The Firm Floor Under Oil Prices

The continued slowdown of US…

Alt Text

The Unique Device Generating Power From Snow

Researchers from the University of…

Irina Slav

Irina Slav

Irina is a writer for the U.S.-based Divergente LLC consulting firm with over a decade of experience writing on the oil and gas industry.

More Info

Trending Discussions

Oil Prices Rise As OPEC Oil Production Declines In August

OPEC’s crude oil production declined in August thanks to Saudi Arabia cutting more from its production, a person familiar with the figures told Bloomberg, adding the information came from four of six secondary sources that track the production rates of the cartel’s members.

OPEC produced 30.004 million barrels daily last month, the source said, versus 30.113 million bpd in July, with Saudi Arabia, the group’s leader and biggest producer, reducing output to 10.022 million bpd, from 10.049 million bpd in July. The Kingdom’s own data is, as often happens, more positive than that, suggesting an average output of 9.95 million bpd.

The news comes on the heels of a statement from Riyadh that Oil Minister Khalid al-Falih had discussed the possibility of another extension of the 1.8-million bpd production agreement between OPEC and 11 other producers beyond the March 2018 deadline.

The initial OPEC-non-OPEC agreement pushed Brent prices up to almost US$57 a barrel and WTI to over US$54 a barrel in January this year, but since then, the benchmarks have been sliding down, with a few notable interruptions of the trend thanks to supply disruptions and the May decision to extend the cuts beyond the original deadline of June 30, 2017.

Related: The U.S. Oil Patch Has A Serious Cybersecurity Problem

A growing number of analysts, however, are of the opinion that OPEC is digging itself into a deeper hole the more it extends the production cuts. Lower output from the cartel’s members means lower exports and, consequently, lower crude oil revenues. It is also costing them market share to rivals, including partner Russia and the U.S.

At the same time, prices have stubbornly stayed around US$50 a barrel after the initial spike, in large part thanks to growing output from the two exempted OPEC members, Nigeria and Libya. OPEC has invited both to its upcoming monitoring meeting on September 22. The pressure to put a limit on Nigeria’s production could rise ahead of the official meeting at the end of November.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage

Trending Discussions


Leave a comment

Leave a comment




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