High Output in Nigeria, Others Raises OPEC Oil Production in August

The Organisation of Petroleum Exporting Countries (OPEC), on Thursday, said its August crude production increased by 278,000 barrels a day to average 32.56 million barrels a day due to higher output in Nigeria, Libya and Iraq.

Besides, the cartel slightly lowered its forecast for growth in world oil demand this year to 1.62 million barrels a day, down from a previous estimate of 3 million barrels a day. The cartel in its monthly report said total oil demand for 2018 is estimated at 98.82 million barrels a day.

The Organisation of Petroleum Exporting Countries, in its monthly oil market report for September released on Wednesday, said crude oil production from Nigeria rose to 1.71 million barrels per day in August from 1.53 million bpd the previous month.

Oil futures remained higher after the data, with October West Texas Intermediate crude futures CLV8, +0.87% on the New York Stock Exchange up 0.9% at $69.89 a barrel, while November Brent crude LCOX8, +0.25% the global benchmark, rose 0.2% to $79.21 a barrel.

 

Source: Energy Mix Report

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