• 3 minutes "Biden Is Running U.S. Energy Security Into The Ground" by Irina Slav
  • 6 minutes How Far Have We Really Gotten With Alternative Energy
  • 9 minutes "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 4 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 8 days 87,000 new IRS agents, higher taxes, and a massive green energy slush fund... "Here Are The Winners And Losers In The 'Inflation Reduction Act'"-ZeroHedge
  • 6 days Energy Armageddon
  • 5 days "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 2 days "Forget Oil, The Real Crisis Is Diesel Inventories: The US Has Just 25 Days Left" by Zero Hedge - 5 Stars *****
  • 2 days "The Global Digital ID Prison" by James Corbett of CorbettReport.com
  • 2 days "Europe’s Energy Crisis Has Ended Its Era Of Abundance" by Irina Slav
  • 1 day Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 2 days The Federal Reserve and Money...Aspects which are not widely known
  • 4 days Is Europe heading for winter of discontent with extensive gas shortages?
  • 3 days Goldman Betting on Cryptocurrencies
  • 6 days Сryptocurrency predictions
  • 11 days Putin and Xi Bet on the Global South
Bearish Sentiment Is Building In Oil Markets Once Again

Bearish Sentiment Is Building In Oil Markets Once Again

Bearish sentiment is building in…

Scandanavia Is Leading The Green Energy Revolution

Scandanavia Is Leading The Green Energy Revolution

Sweden, Denmark, and Finland are…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

Platts Survey: OPEC Production Jumps To 10-Month High

As OPEC has been easing the production cuts, the cartel’s crude oil production hit a 10-month high in August, as Iraq including Kurdistan pumped at record levels and Libya recovered from weeks of port blockades, according to the monthly S&P Global Platts survey.

Total OPEC-15 oil production came in at 32.89 million bpd last month, including 320,000 bpd output from its newest member, Congo, which joined OPEC in June this year.

Excluding Congo, OPEC pumped 32.57 million bpd in August, the highest level since October 2017, the Platts survey found.

Libya boosted production the most, as fields and oil export terminals returned to operation after the attack on the Oil Crescent in June that crippled the country’s oil production and exports in both June and July. Libya’s production recovered to 940,000 bpd, according to the Platts survey.

OPEC’s no.1 and de facto leader Saudi Arabia saw its production average 10.49 million bpd in August. That number is up from the Saudi production in July, as per official OPEC figures, 10.387 million bpd.

Last week, an OPEC source told S&P Global Platts that Saudi Arabia would report to OPEC that its crude oil production in August averaged 10.424 million bpd.

OPEC’s no.2 Iraq—including the semi-autonomous Kurdistan region— produced 4.68 million bpd last month, up by 110,000 bpd over July, and the highest Iraqi production in the 30 years of Platts OPEC surveys. Related: Oil Could Jump To $95 This Winter

OPEC’s no.3 Iran is already seeing the impact of the U.S. sanctions not only on its exports, but also on its production. According to the Platts survey, Iran’s production in August was 3.6 million bpd, down by 120,000 bpd from July. Platts Analytics expects U.S. sanctions to remove around 1.4 million bpd of Iranian oil from the market by November.

Venezuela’s production further tumbled, by 20,000 bpd to 1.22 million bpd in August. Compared to August last year, Venezuelan oil production plunged by 680,000 bpd.

OPEC is releasing August production figures in its next monthly report on September 12.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

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