Oil production from the Organisation of the Petroleum Exporting Countries (OPEC) was 31.26 million barrels per day (b/d) in August.

New figures from Platts revealed production dropped 140,000 barrels compared to July as “several countries, including Saudi Arabia, trimmed output”.

August was the first monthly fall in OPEC output since February, the report added.

Saudi Arabia produced 10.4 million b/d last month.

Libyan production remains less than one quarter of its 1.6 million b/d capacity, with output slipping to just 360,000 b/d in the same period.

In Iraq exports last month were slightly compared to both July and June because of a slight fall in southern exports and the ongoing restrictions on supplies via Turkey.

Margaret McQuaile, Senior Correspondent for Platts said: “This is the first time OPEC output has fallen since February but it shouldn’t be over-interpreted. The August total still puts OPEC exceeding its official ceiling by 1.26 million b/d and Saudi oil is still flowing at record levels.”