LONDON — OPEC oil output rose in August to its
highest since April 2020, a Reuters survey found, although involuntary losses
limited the gain as the group's top producers further eased supply curbs under
a pact with its allies.
اضافة اعلان
The Organization of the Petroleum Exporting Countries has
pumped 26.93 million barrels per day (bpd), the survey found, up 210,000 bpd
from July's estimate. Output has risen every month since June 2020, apart from
in February.
OPEC and allies, known as OPEC+, have been easing record
output cuts agreed in April 2020 as demand recovers. OPEC+ meets on Wednesday
and, with oil up 40 percent this year at almost $73 a barrel, is expected to
stick to its policy.
"Given the current level of oil prices and the
possibility of increasing oil demand, OPEC+ is likely to adhere to its previous
decision," an OPEC+ source told Reuters.
The OPEC+ agreement allows for a 400,000 bpd production
increase in August from all members, of which 253,000 bpd is shared by the 10
OPEC members covered by the deal, OPEC figures seen by Reuters show.
While the 10 OPEC members raised output by more than this,
OPEC as a whole has under-delivered on the expected month-on-month rise, the
survey found. Members are still pumping less than called for under the latest
deal.
The Reuters survey aims to track supply to the market and is
based on shipping data provided by external sources, Refinitiv Eikon flows
data, information from tanker trackers such as Petro-Logistics and Kpler, and
information provided by sources at oil companies, OPEC and consultants.
OPEC compliance with pledged cuts was 115 percent, the
survey found, a level unchanged from July.
Saudi, Iraqi boost
Saudi Arabia delivered the biggest increase of 180,000 bpd,
as it further raised output as part of the August
OPEC+ boost.
The second-biggest came from No. 2 producer Iraq, which
boosted exports in August. Exports also rose in Angola, from a reduced level in
July.
The United Arab Emirates added 40,000 bpd in line with its
new quota, while output in Kuwait rose by 20,000 bpd.
Among countries with lower output, the biggest decline was
in Nigeria, where output dropped by 100,000 bpd according to the survey.
Exports from the Forcados terminal are under force majeure due to a leak, a
source said on August 15.
Iran, which has managed to raise exports since the fourth
quarter despite US sanctions, posted lower output this month, the survey found.
The country is exempt from OPEC supply curbs due to the sanctions, and talks to
revive its 2015 nuclear deal with world powers have stalled.
Among the other two producers exempt from curbs, Libyan
output declined due to a pipeline leak, while Venezuela managed to pump
slightly more.
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