OPEC August output rises 230,000 b/d on Saudi, UAE, Nigeria, Iraq increases: EIA

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Washington —
OPEC oil output averaged 29.71 million b/d in August, up 230,000 from July as production increases in Saudi Arabia, the UAE, Nigeria and Iraq offset declines in Venezuela and Libya, the US Energy Information Administration said Tuesday.

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In its monthly Short-Term Energy Outlook, EIA said it expects OPEC oil output to average 30.03 million b/d in 2019 and 29.6 million b/d in 2020, down 100,000 b/d and 190,000 b/d, respectively, from last month’s forecast.

The latest S&P Global Platts survey, released Friday, has OPEC’s crude output at 29.93 million b/d in August, up 50,000 b/d from July.

A production cut agreement between OPEC and other producers, along with US sanctions on crude oil exports out of Iran and Venezuela, have caused a tightening in global crude supplies, particularly heavy and sour crudes.

OPEC oil output has declined 2.56 million b/d since January 2018, according to EIA.

EIA said Tuesday that Venezuelan output fell to 750,000 in August from 800,000 in July, while Libyan oil output fell to 1.09 million b/d in August from 1.13 million b/d in July.

Saudi oil output averaged 9.85 million b/d in August, up from 9.75 million b/d in July, but still well below the 11 million b/d mark reached in November.

Month-on-month oil output in Nigeria rose to 1.67 million b/d in August from 1.6 million b/d in July; in UAE, to 3.15 million b/d from 3.1 million b/d; in Iraq, to 4.75 million b/d from 4.7 million b/d; and in Angola, to 1.43 million b/d from 1.39 million b/d, EIA said Tuesday.

Iranian crude oil output averaged 2.1 million b/d in August, unchanged from July, according to EIA.

— Brian Scheid, brian.scheid@spglobal.com

— Edited by Valarie Jackson, newsdesk@spglobal.com