[London, 30th Reuters]-Reuters survey revealed that August oil production by the Organization of Petroleum Exporting Countries (OPEC) was 296.1 million barrels a day, an increase of 80,000 barrels a day from the previous month. On a monthly basis, this is the first increase since this year.
The increase in Iraq and Nigeria offset the decline in production in Saudi Arabia and the decline in Iran, which is subject to US sanctions. Although increased in August, according to a Reuters survey, OPEC oil production in July was the lowest level since March 2014, excluding the impact of changes in member countries.
The biggest increase in oil production in August was in Nigeria. Next was Iraq. Saudi Arabia cut production in July, far exceeding the OPEC target, but in August the oil production remained at a similar level. The oil production in August was 9.63 million barrels per day, less than the quota allocated to the country.
Iran, which is subject to US sanctions, is reduced by 50,000 barrels per day. The decline was the largest among OPEC member countries. Oil production in Venezuela, which is also subject to US sanctions, has also declined slightly.
OPEC member countries and non-member oil-producing countries such as Russia (OPEC Plus) started collaborative production reduction of 1,200,000 barrels a day from January 1 this year. Of these, OPEC is responsible for 800,000 barrels a day, and 11 countries except Iran, Libya and Venezuela need to comply. The compliance rate in August was 136%, down from 150% in the previous month.