Opec-Plus: Iranian Gain Prevents Drop in August Output

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  • Oil production by the 23-member alliance in August was 42 million barrels per day, flat compared to July.
  • Output by the 13 core members of Opec rose by 120,000 b/d to 27.4 million b/d due mainly to increases from Iran, United Arab Emirates and Libya.
  • Sources in Iran have confirmed an upswing in crude production of nearly 700,000 b/d from a dip in the first quarter.
  • The shortfall for August was nearly 1.4 million b/d, slightly higher than July.

Opec-plus’ performance last month featured a few sizable swings by individual producers, but for the group as a whole — whether the entire 23-member alliance or the 19 countries with a monthly quota — production was basically even with July.

Opec-Plus Supply , Oil Supply, Crude Oil
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