OPEC production is still 260,000 barrels above the target of 32.5 million barrels, the organization says
Average daily oil production by OPEC countries decreased by 79,000 barrels in August in comparison with July to 32.75 million barrels, OPEC said in its September report.
However, OPEC production is still 260,000 barrels above the target of 32.5 million barrels, the organization says.
In August, Libya cut production by 112,000 barrels to 890,000 barrels, Gabon – by 32,300 barrels to 173,000 barrels, Venezuela – by 31,900 barrels to 1.92 million barrels, the United Arab Emirates by 20,200 barrels to 2.9 million barrels and Saudi Arabia – by 10,300 barrels to 10.02 million barrels.
OPEC increased forecast for world oil demand by 280,000 barrels per day in 2017.
At the same time, 12 countries participating in the agreement on the reduction of oil production (taking into account Equatorial Guinea, that recently joined the deal, but excluding Libya and Nigeria which do not participate in the oil output cut), produced 30 million barrels per day in August. This is 0.77 million barrels per day lower than in October 2016, when the countries-participants of the agreement (excluding beneficiaries) produced 30.769 million barrels. Under the terms of the deal, they pledged to cut production by 1.2 million barrels.