OPEC August Output Gains in Survey Led by Saudi Arabia

OPEC crude production climbed for a second month in August as Saudi Arabia pumped barrels at the fastest pace in at least 24 years, a Bloomberg survey showed.

Output by the 12-member Organization of Petroleum Exporting Countries increased 116,000 barrels, or 0.4 percent, to an average 31.04 million barrels a day this month from a revised 30.924 million in July, the survey of oil companies, producers and analysts showed. The July total was revised higher by 262,000 barrels a day because of changes to estimates for Saudi Arabia, Qatar, Iraq and Ecuador.

Saudi output climbed 150,000 barrels to 9.95 million barrels a day in August, the sixth straight gain and the highest for OPEC’s biggest supplier in monthly data going back to 1989. It was the biggest gain of any OPEC member this month.

Libyan output tumbled 225,000 barrels to 575,000 barrels a day this month, the survey showed. It was the fifth straight decline and sent production to the lowest level since October 2011. Two years after the war that swept the late Muammar Qaddafi from power, Libyan government efforts to revive the oil industry are being stymied by feuding militias and protests.

To contact the reporter on this story: Mark Shenk in New York at mshenk1@bloomberg.net

To contact the editor responsible for this story: Bill Banker at bbanker@bloomberg.net

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