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Commodities Briefing - Categorized | Market Moves, Oil more

OPEC’s August crude output drops on Saudi record, IEA says

Posted on 13 September 2013

OPEC produced 0.8 percent less crude oil in August due to declining Libyan output, even as Saudi Arabia pumped the most in 32 years, the International Energy Agency said. The 12 members of the Organization of Petroleum Exporting Countries produced 30.51 million barrels a day last month, the Paris-based IEA said today in its monthly oil-market report. This compares with an upwardly revised estimate for July of 30.77 million barrels.
Libya’s output fell to an average of 550,000 barrels in August from 1 million barrels in July, according to the report. Saudi Arabia, OPEC’s biggest producer, pumped 10.19 million barrels a day, up 190,000 barrels from July, the IEA said………………………………………..Full Article: Source


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