OPEC’s Crude Oil Production Fell 0.6% in August, Survey Shows

(Bloomberg) — The Organization of Petroleum Exporting Countries’ oil production dropped 0.6 percent in August, led by declines in Iraq and Saudi Arabia, a Bloomberg News survey showed.

OPEC pumped an average 32.575 million barrels a day last month, down 200,000 barrels from July, according to the survey of oil companies, producers and analysts. July output was revised down by 50,000 barrels a day. Production by the 12 members with quotas, all except Iraq, declined 50,000 barrels to 30.265 million barrels a day.


…Iraqi production fell 150,000 barrels to an average 2.31 million barrels a day last month, the lowest since January. It was the biggest decline among OPEC members. Output in the Persian Gulf nation has been curbed since the March 2003 U.S.-led invasion.

Saudi Arabia, OPEC’s biggest producer and the world’s top oil exporter, cut output by 100,000 barrels to an average 9.5 million barrels a day. Iran, OPEC’s second-biggest producer, raised output by 100,000 barrels to an average 4.08 million barrels a day, the largest increase of any member.