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.
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.