OPEC August Oil Output Dropped 0.4% to 29.11 Million B/D, Platts Reports

The Organization of Petroleum Exporting Countries reduced oil production by 0.4 percent in August, according to a survey by Platts.

OPEC, which supplies about 40 percent of the world’s crude, produced 29.11 million barrels a day in August, down 110,000 barrels from July, Platts said yesterday, citing a survey of analysts and industry officials.

Output from the 11 members bound by quotas, all except Iraq, dropped 30,000 barrels a day to 26.79 million in August, according to Platts, a unit of McGraw-Hill Cos.

OPEC crude-oil production in August fell 75,000 barrels, or 0.3 percent, to an average 29.15 million barrels a day, the lowest level since January, according to a Bloomberg News survey released last month. Output by members with quotas dropped 5,000 barrels to 26.805 million, 1.96 million above their target, the survey showed.

OPEC’s members are Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates and Venezuela. The organization is next scheduled to meet on Oct. 14 at its Vienna headquarters.

To contact the reporter on this story: Brian Murphy in London at bmurphy74@bloomberg.net

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