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OIL: OPEC+ Aug Crude Output Seen Down 300k b/d: Platts Survey

OIL

OPEC+ crude output fell 300k b/d to 40.73m b/d, amid maintenance in Kazakhstan and outages in Libya, Platts said.

  • However, quotas remain 327k b/d above target, down from 437k b/d in July
  • Core OPEC member production was down 120k b/d to 26.77m b/d. Non-OPEC allies cut output by 180k b/d to 13.96m b/d.
  • Libya led the production decline, down 160k b/d on the month due to production shut ins.
  • Maintenance at Kazakhstan’s Tengiz field lowered its output by 120k b/d.
  • Despite pledging to compensate for overproduction, Iraq’s output was stable at 4.33m b/d, above their quota of 4m b/d.

 

Source: S&P Global Commodity Insights

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