Libyan oil crisis dents Opec crude output

11 September 2013

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 Libya’s refineries and export facilities since the end of May. Analysts now say output has dropped to around 60,000 b/d from the country’s offshore oil fields. Onshore production is largely offline.

Saudi Arabia’s output rose to 9.96 million b/d, an increase of more than 188,000 b/d or nearly 2 per cent over July. Iraq’s 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.

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