OPEC Oil Production Slumped to Lowest Level Since January

SEATTLE (Scrap Monster):  The oil production by the Organization of the Petroleum Exporting Countries (OPEC) in August 2024 dropped to the lowest level since January this year.

The OPEC countries pumped 26.36 million barrels per day (mbpd) of crude oil, down by 340,000 barrels per day (bpd) from the prior month. The dip in output was mainly driven by ongoing disruption in Libyan production and supply. The voluntary supply cuts by other member nations also contributed to the decline.

ALSO READ:

OPEC vs. IEA: Divergent Views on Future Oil Demand

Oil Extends Losses on Prospect of Higher OPEC+ Supply

Libya experienced the largest reported decrease in supply, with a month-over-month loss of 290,000 bpd. The output by the country averaged around 900,000 bpd, mainly on account of disruptions at the Sharara field at the beginning of the month. It should be mentioned that as the month came to an end, more fields reported disruptions. The other countries to report production declines were Iraq and Iran.

Nigeria’s oil production recorded a marginal jump in August. The country reported increased exports during the month.

The global crude oil market recorded a surplus of 0.3 mbpd in the past three-month period due to a huge fall in demand from China.

Meanwhile, OPEC has announced a plan to boost production by 180,000 bpd starting this October.