OPEC oil production peaked in August for the high of 2018, largely as a result of Libya's recovery and record exports to Iraq. The high scores could not even prevent a contraction of Iran's exports due to US sanctions, according to Reuters research.
According to the data, the 15-person exporting organization in August amounted to 32.77 million barrels per day – 22,000 barrels more than the revised July levels and most since the beginning of the year.
In June, OPEC and its allies agreed to increase stocks after US President Donald Trump called for the deficit to be compensated by Iran and to adjust prices that reached $ 80 per barrel for the first time since last year. 2014.
This marks a change for the organization, Russia and several other non-cartel countries that agreed in 2016 to reduce production to raise prices. One of the largest exporters, Saudi Arabia, promised "a significant boost to production, which should grow by about 1 million barrels per day.
According to Reuters, the performance targets in August have risen to 120% compared to the revised 117% in July.
The largest increase in supply this month comes from Libya, whose yield remains volatile due to the ongoing military conflict in the country. The extraction of the El Sharara oil field – the largest in the country – was extended after the reopening of a control station closed due to the abduction of two workers.
The second largest growth came from Iraq, where exports from the south of the country reached a record level. There is also a decline in revenues in the northern parts of the country where the autonomous region of Iraqi Kurdistan is located.
Saudi Arabia, in turn, slightly increased its deliveries to 10.48 million barrels per day in August, from 10.4 million barrels per day in July. However, these figures are still lower than those of 10.60 million barrels per day.
The largest drop in yield of 150,000 barrels per day was recorded in Iran. The country's exports declined after American sanctions discouraged buyers from local "black gold".
Production also declined this month in Venezuela, where the oil industry was severely affected by the deep economic crisis in the country.