OPEC boosts oil production

The Organisation of the Petroleum Exporting Countries (OPEC) boosted its crude output by 130,000 barrels per day (b/d) in August, according to analysts. A monthly survey by energy information provider […]

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By Vicky Ellis

The Organisation of the Petroleum Exporting Countries (OPEC) boosted its crude output by 130,000 barrels per day (b/d) in August, according to analysts.

A monthly survey by energy information provider Platts found that OPEC countries pumped an average of 30 million b/d last month.

John Kingston, Platts global director of news said: “OPEC needed to produce every barrel it could during these last six months to account for the lost Libyan crude. The market awaits the return of that oil, on a timetable that can only be guessed at.”

OPEC is currently operating without oil production quotas. Nigeria’s output was the single biggest increase, while Algeria, Iraq, Saudi Arabia and the United Arab Emirates also pumped out more oil.