Platts: August OPEC Oil output climbs to 31.54 million barrels per day
- United Arab Emirates: Wednesday, September 12 - 2012 at 09:23
- PRESS RELEASE
Crude oil output from the Organization of Petroleum Exporting Countries (OPEC) climbed by 90,000 barrels per day (b/d) in August to 31.54 million b/d as increases from Angola, Iraq, Nigeria and the United Arab Emirates (UAE) outstripped decreases from Algeria and Iran, a Platts survey of OPEC and oil industry officials and analysts showed Tuesday. This follows July production of 31.45 million b/d and leaves OPEC overproducing its 30 million b/d ceiling by 1.54 million b/d.
Iranian output fell by 150,000 b/d to 2.75 million b/d from 2.9 million b/d as U.S. and European sanctions targeting Tehran's oil revenues continued to bite, according to the survey.
Algerian volumes were estimated to have dipped by 10,000 b/d to 1.21 million b/d.
Angola accounted for 100,000 b/d of the 250,000 b/d of increases, boosting output to 1.75 million b/d from 1.65 million b/d in July. The increase was supported by higher exports of several grades of oil, including Kizomba, which was part of the export stream for the first time after its production began in July.
Other smaller increases came from Iraq, Nigeria and the UAE.
OPEC kingpin Saudi Arabia maintained output at 10 million b/d. Its Gulf neighbors Kuwait and Qatar also kept output steady.
The boost in Iraqi output came as a result of expanded export capacity in the south of the country, and establishes Iraq as OPEC's second biggest producer after Saudi Arabia, a position held until recently by Iran.
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