OPEC output rising in August – petrologistics

LONDON (Reuters) – OPEC oil output is expected to rise in August by 450,000 barrels per day (bpd) due to higher supply from Iran and Angola, industry consultant Petrologistics said on Friday.

The estimate indicates the Organization of the Petroleum Exporting Countries is pumping almost 1 million bpd more than its target and comes as some members are voicing concern that world oil markets are oversupplied.


All 13 OPEC members are expected to pump 32.95 million bpd in August, up from a revised 32.5 million bpd in July, Conrad Gerber, head of the Geneva-based company, told Reuters.

“Angola and Iran have the increases. Everybody else is steady or down a bit,” Gerber said.

Reuters