OPEC oil output reaches 10-month high in August: Survey

The Organization of the Petroleum Exporting Countries’ (OPEC) crude oil production hit a 10-month high in August, as Iraq pumped at record levels and Libya recovered from weeks of port blockades, the monthly S&P Global Platts survey said.

Total OPEC oil production came in at 32.89 million barrels per day (bpd) last month, including 320,000 bpd from Congo, the newest member joining OPEC in June.

Excluding Congo, OPEC pumped 32.57 million bpd in August, the highest level since October 2017, the report said.

Libya boosted production the most, recovering to 940,000 bpd, as fields and oil export terminals returned to operation after the attack on the Oil Crescent in June, which crippled the country’s oil production and exports for both June and July.

OPEC is expected to reveal August production figures on September 12.