Advertisements

OPEC’s August Output Hits Lowest Since January Due to Libya

by Krystal

OPEC‘s oil production in August fell to its lowest level since January, according to a Reuters survey released on Monday. The decline was primarily due to unrest in Libya, which disrupted the country’s oil supply, along with continued voluntary supply cuts by other OPEC members and the broader OPEC+ alliance.

The Organization of the Petroleum Exporting Countries produced 26.36 million barrels per day (bpd) in August, a decrease of 340,000 bpd compared to July, the survey revealed. This marks the lowest production level since January 2024, based on data from Reuters surveys.

Advertisements

The Reuters survey, which tracks the supply of oil to the market, is compiled using a combination of shipping data from external sources, LSEG flows data, and information from companies monitoring oil flows. It also includes insights from oil companies, OPEC officials, and industry consultants.

Advertisements
Advertisements
Advertisements

You may also like

oftrb logo

Oftrb.com is a comprehensive energy portal, the main columns include crude oil prices, energy categories, EIA, OPEC, crude oil news, basic knowledge of crude oil, etc.

【Contact us: [email protected]

© 2023 Copyright oftrb.com – Crude Oil Market Quotes, Price Chart live & News [[email protected]]