OPEC Output Increases Just 10,000 Barrels Per Day in August, According to Platts

OPEC’s 11 members pumped a total 30.26
million barrels per day (mil b/d) of crude in August, just 10,000 b/d more
than their collective output in July, a Platts survey of OPEC and oil industry
officials showed September 9.
Excluding Iraq, the ten members with quotas produced an average 28.37-mil
b/d in August, 80,000 b/d above July’s 28.29-mil b/d, the survey showed.

“It is becoming increasingly obvious that in the short term most OPEC
countries cannot produce much more than they are doing,” said John Kingston,
global director of oil at Platts. “We are seeing very small increments even
though prices are higher, in nominal terms, than they have ever been.”
PR Newswire