Oil production in Libya averaged only 529,000 barrels a day in August
The average crude oil output from producers group Opec fell by just 124,000 barrels a day (b/d) in August, despite falling production in Libya, where output was down by almost 50 per cent.
Total crude oil production from the 12-member group averaged 30.23 million b/d in August, down 0.42 per cent from July, according to the latest statistics issued by Opec.
Libyan production averaged only 529,000 b/d over the month, compared to 1 million b/d in July and 1.4 million b/d at the end of 2012.
Production has been shut-in by protests and strikes at Libyas refineries and export facilities since the end of May. Analysts now say output has dropped to around 60,000 b/d from the countrys offshore oil fields. Onshore production is largely offline.
Saudi Arabias output rose to 9.96 million b/d, an increase of more than 188,000 b/d or nearly 2 per cent over July. Iraqs oil production also rose to 3.136 million b/d, up more than 4 per cent from 3 million b/d in July.
Opec estimates total global crude oil supply at 89.94 million b/d in August, a decrease of 430,000 b/d, with the group supplying around 33.6 per cent.
A MEED Subscription...
Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.