Reduction of OPEC oil production to the lowest figure since the beginning of 2024
Eviralnews,, quoted by Reuters, OPEC oil production in August reached the lowest level since January this year. Disruption in Libyan oil supply has added to the effect of OPEC+'s voluntary production reduction plan.
The Organization of Petroleum Exporting Countries (OPEC) produced 26.36 million barrels per day of oil last month, which was 340 thousand barrels per day less than in July. This is the lowest OPEC production level since the beginning of this year.
The decrease in Libya's oil exports and production in the midst of the dispute between political groups over the control of the country's central bank has increased the price of oil and raised the possibility of the implementation of the OPEC+ production increase plan from October.
Libya's oil supply decreased by 290,000 barrels per day last month. Production in the Sharara oil field was stopped in early August, and this condition spread to other oil fields by the end of the month. In this way, Libya's oil production decreased to about 900 thousand barrels per day. Libya is exempt from the OPEC+ production cut plan.
Iraq also reduced its oil exports in August in order to stick to its commitment to the OPEC+ plan.
Iran's oil exports have been increasing over the past few years despite US sanctions, and the country still has oil supply close to its peak production in 2018.
OPEC produced about 220,000 barrels per day more than the target set according to the OPEC+ agreement, and Iraq is still responsible for most of this excess production.
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