OPEC Productin Remains Stable Despite Disruptions In Iran And Venezuela

Julianne Geiger, OilPrice.com: OPEC Abandons ‘’Whatever It Takes Strategy’’, Boosts Production

OPEC’s production increased in August thanks to Iraq and Nigeria a Reuters survey found on Friday.

OPEC’s August production has been estimated at 29.61 million barrels per day, which is 80,000 barrels per day over July’s production level.

The production increase is surprising, given that Iran and Venezuela are producing less not by choice, and continue to face uphill battles when it comes to maintaining their oil production. Saudi Arabia, too, over complied with the production cut deal again as expected, but it raised production for August slightly over July. Overall, the group is still over complying with the production quotas.

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