• 5 minutes Drone attacks cause fire at two Saudi Aramco facilities, blaze now under control
  • 8 minutes China Faces Economic Collapse
  • 12 minutes Oil Production Growth In U.S. Grinds To A Halt
  • 14 minutes Iran in the world market
  • 17 minutes Ethanol, the Perfect Home Remedy for A Saudi Oil Fever
  • 2 hours Experts review drone damage . Say Saudis need to do a lot of explaining.
  • 9 hours USA Wants Iran War -- Shooty Shooty More
  • 10 mins Saudis Confirm a Cruise Missile from Iranian Origin
  • 14 hours Yawn... Parliament Poised to Force Brexit Delay Until Jan. 31
  • 14 hours Collateral Damage: Saudi Disruption Leaves Canada's Biggest Refinery Vulnerable
  • 10 hours The Spy Money: U.S. Wants To Seize All Money Edward Snowden Makes From New Book
  • 3 hours Aramco Production
  • 16 hours Wonders of US Shale: US Shale Benefits: The U.S. leads global petroleum and natural gas production with record growth in 2018
  • 7 hours Trump Will Win In 2020 And Beyond..?
  • 8 hours The Belt & Road Initiative: A Wolf in Sheep's Clothing?
Alt Text

Trump Battles To Avoid War With Iran

The investigation into who launched…

Alt Text

Is It Time To Invest In Offshore Drillers?

Following an “absolutely horrible year,”…

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




Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play