Energy Diplomacy
OPEC lowers oil output in August
- OPEC's crude oil share of total global production drops to 33.9 percent in August

OPEC's crude oil production decreased by 79 thousand barrels per day (b/d) to 32.76 million b/d in August, according to the organization's Tuesday report.

In August, output in non-OPEC countries fell to 57.68 million barrels per day (mb/d), down 320 thousand b/d from July levels.

With the drop in OPEC and non-OPEC output, global oil supply fell by 410 thousand b/d to average 96.75 million b/d in August.

"The share of OPEC crude oil in total global production fell slightly by 0.1 percent to total 33.9 percent," OPEC said.

According to the organization, crude oil output increased the most in Nigeria, while production showed declines in Libya, Gabon, Venezuela and Iraq.

Nigeria raised its production level by 138 thousand b/d, while output in Libya decreased by 112 thousand b/d. Production in struggling Venezuela dropped by 32 thousand b/d to 1.91 mb/d.

In 2018, demand for OPEC crude is forecast at 32.8 mb/d, "about 200 thousand b/d higher than in 2017," OPEC said.

In 2018, global oil demand is projected to rise by 1.35 million b/d to around 98.12 million b/d, according to the organization.

Non-OPEC oil supply is projected to rise by 1 mb/d to average 58.80 mb/d in 2018.

By Zeynep Beyza Kilic

Anadolu Agency


12 Sep,2017