OPEC output up for 4th month in Aug: Reuters survey

LONDON (Reuters) – OPEC oil supply rose for a fourth consecutive month in August, mainly due to higher output from Iran and smaller increases in Nigeria and Angola, a Reuters survey showed on Monday.

The survey indicates the Organization of the Petroleum Exporting Countries is pumping almost 800,000 barrels per day more than its target and comes as some members are voicing concern that the world market is oversupplied.


Extra OPEC oil and declining demand from slowing economies in the West have helped lower prices to $113 a barrel from a record $147.27 in July. OPEC meets on September 9, and some analysts expect its next move will be to trim production.

“While the bias has been towards rising output for the last year, that period is drawing to a close and it’s a question of how much actual output is going to be trimmed in coming months,” said Paul Horsnell of Barclays Capital.

Reuters