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OPEC August output falls to lowest since January, Reuters survey finds

World News

02-09-2024 | 10:57

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OPEC August output falls to lowest since January, Reuters survey finds

OPEC oil output fell in August to its lowest since January, a Reuters survey found on Monday, as unrest that disrupted Libyan supply added to the impact of ongoing voluntary supply cuts by other members and the wider OPEC+ alliance.

The Organization of the Petroleum Exporting Countries pumped 26.36 million barrels per day last month, down 340,000 bpd from July, the survey found. This was the lowest total since January 2024, according to Reuters surveys.

The Reuters survey aims to track supply to the market and is based on shipping data provided by external sources, LSEG flows data, information from companies that track flows, and information provided by sources at oil companies, OPEC and consultants.

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