Oil production from OPEC’s 12 members rose to a 16-month high in August, as rising volumes in Nigeria and Angola, supplemented by the ongoing recovery in Libya, pushed the group’s total output further above the nominal 30mn b/d target, which has been in place since December 2011.
MEES estimates put total OPEC output at 30.68mn b/d for August, up 260,000 b/d from a downwardly revised 30.42mn b/d in July (see table), despite production slowdowns in the group’s two biggest producers, Saudi Arabia and Iraq. (CONTINUED - 857 WORDS)
