OPEC’s August Crude Output Drops on Saudi Record, IEA Says
The 12 members of the Organization of Petroleum Exporting Countries produced 30.51 million barrels a day last month, the Paris-based IEA said today in its monthly oil-market report. This compares with an upwardly revised estimate for July of 30.77 million barrels.
Libya’s output fell to an average of 550,000 barrels in August from 1 million barrels in July, according to the report. Saudi Arabia, OPEC’s biggest producer, pumped 10.19 million barrels a day, up 190,000 barrels from July, the IEA said.
“OPEC crude oil supplies turned lower again in August with a sharp downturn in Libyan production only partially offset by near-record output from Saudi Arabia,” the IEA said.
Iraqi crude production rose to 3.17 million barrels a day in August from a revised estimate of 3.06 million barrels in the previous month, the IEA said. Total Iraqi exports rose about 165,000 barrels a day to 2.47 million barrels a day, “with southern shipments exceptionally robust while northern volumes remained constrained,” it said.
Forecast demand for OPEC crude in the third quarter of 2013 increased by 200,000 barrels a day on higher demand, to 30.3 million barrels a day, the IEA said. Demand in the fourth quarter will slip to 29.6 million barrels as non-OPEC output rises, according to the report. Demand for the full year is unchanged from the IEA’s previous report at 29.9 million barrels a day.
OPEC’s “effective” spare capacity was estimated at 2.94 million barrels a day in August, compared with 3.08 million barrels in July, with Saudi Arabia holding over 75 percent of the surplus, the IEA said.
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