OPEC crude production remained fairly steady in August relative to the previous month, MEES estimates show, as increases in Iraq, Saudi Arabia, the UAE and Kuwait served to make up for further supply shut-ins in Libya: by far the worst disruption to the country’s oil industry since the 2011 civil war.
Libyan output continued its slide last month, as armed groups, security guards and oil workers with tribal loyalties worked together to shut down a host of key pipelines and oil ports across the country. Production averaged 570,000 b/d in August, according to MEES estimates, close to 200,000 b/d down on July. This is Libya’s lowest monthly output since October 2011 – the month Col Qadhafi was killed and his hold-out of Sirte taken. (CONTINUED - 793 WORDS)
