OPEC keeps lid on oil output in Aug-Reuters survey

LONDON (Reuters) – OPEC, excluding Iraq and Angola, kept oil output little changed in August and supply from all members of the 12-nation group fell because of a drop in Iraqi exports, a Reuters survey showed on Monday.

Ten OPEC members bound by output targets, all except Iraq and Angola, pumped 26.74 million barrels per day (bpd), up 60,000 bpd from July, according to the survey of oil firms, traders, OPEC officials and analysts.


The survey suggests OPEC is sticking to voluntary output limits even after a rise in crude prices, which hit a record high near $79 a barrel on Aug. 1. Analysts expect OPEC to keep that policy in place at its meeting in Vienna on Sept. 11.

“With the uncertainty around the global economy, OPEC isn’t going to open up the taps,” said Paul Tossetti, director of market analysis at Washington-based PFC Energy.

Reuters