OPEC says oil production rose in August due to high output in Nigeria, others
September 12, 20181.2K views0 comments
OPEC, on Wednesday said August crude production by the cartel, rose 278,000 barrels a day to average 32.56 million barrels a day. The increase was driven by higher output in Libya, Iraq and Nigeria.
OPEC also slightly lowered its forecast for growth in world oil demand this year to 1.62 million barrels a day, down from a previous estimate of 3 million barrels a day.
In its monthly report, the cartel said total oil demand for 2018 is estimated at 98.82 million barrels a day.
World oil demand growth, in 2019 is forecasted to rise by 1.42 million barrels a day, down by 20,000 barrels a day from OPEC’s previous report, primarily due to a less optimistic outlook for parts of Latin America and the Middle East.
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On the supply front, non-OPEC supply is expected to grow 2.02 million barrels a day in 2018, down 64,000 barrels from the previous forecast, while 2019 supply is forecast to grow by 2.15 million barrels a day in 2019, an upward revision of 17,000 barrels a day.
Oil futures remained higher after the data, with October West Texas Intermediate crude futures CLV8, +0.87% on the New York Stock Exchange up 0.9% at $69.89 a barrel, while November Brent crude LCOX8, +0.25% the global benchmark, rose 0.2% to $79.21 a barrel.
The latest data from OPEC, collected both by direct communication with producers and from secondary sources, shows a contrasting picture of production in Iran.