Blog

OPEC’s crude oil production was 27.45 million barrels per day in August, according to the group’s latest Monthly Oil Market Report (MOMR) published on Tuesday. A gain of an average of 113,000 bpd was recorded for OPEC’s August output, led primarily by Iran and Nigeria—both exempt from the production quotas. Saudi Arabia’s production declined as expected, by 88,000 bpd to 8.967 million bpd. Production declines were also seen from Algeria, Angola, Congo, and Venezuela. Venezuela’s production fell by 42,000 bpd,…