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OPEC Oil Production Declines in August

OPEC Oil Production Declines in August

The estimated volume of OPEC's total oil production is projected to show a monthly decline in August as the cartel's largest member, Saudi Arabia trimmed its production, sources said.

Twelve members of the producer organization committed to an agreement to lower output reportedly pumped out 30.004 million bpd in August, based data from sources cited by Bloomberg. OPEC produced 30.113 million bpd in July, according to secondary sources cited by Bloomberg. Libya and Nigeria, who are also members of OPEC, were excluded from the August estimates as they did not participate in the deal to lower production.

In total, the 14-member cartel pumped out 32.76 million barrels per month, indicating a 79, 1000 bpd compared in July.

In August, Saudi Arabia produced 10.022 million barrels a day, according to secondary sources' data, showing a drop from 10.049 million bpd in the prior month. This approximation contrasts with Saudi Arabia's data it gave to OPEC showing that the Kingdom produced 9.95 million barrels a day in August, down from 10.01 million bpd in July, according to a source by Bloomberg.

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