Offsets lower output in Saudi Arabia and the UAE, according to report
Production from the GCC’s three largest oil producers rose by an average of 400,000 barrels a day (b/d) in August as declines in Saudi Arabia and the UAE were offset by a sharp rise in Kuwaiti output.
According to a Reuters report, citing industry sources, Kuwait’s crude production rose 25 per cent compared with July to 2.4 million b/d, driven by increased demand from Asia.
At the same time, Saudi Arabia and the UAE cut production by 100,000 b/d to respective monthly averages of 9.7 million b/d and 2.7 million b/d.
The three Opec members accounted for more than 28 per cent global production in 2011, according to statistics released by UK-based energy group BP.