OPEC says oil output dips, ‘rebalancing’ underway

53

Paris

OPEC’s oil output dipped in August, the cartel said Tuesday, a sign that supply and demand could be moving further towards balance.
Production by the 14 members of the Organization of the Petroleum Exporting Countries came to 32.755 millions of barrels per day (bpd) last month after 32.834 in July, it said in a report, citing secondary sources.
OPEC and a number of other producers including Russia agreed in May to extend production cuts, originally agreed last year, into 2018 to ease a global supply glut and support the price of crude.
In August, production rose in Nigeria, which has been exempted from output curbs, OPEC said.
It fell in Libya, also exempt, and in Venezuela as both countries struggle with political trouble. Output also dropped in Iraq. “It is clear that the rebalancing process is underway, supported by the high conformity levels of OPEC member countries and participating non-OPEC countries to the production adjustments” in the cooperation agreement, OPEC secretary general Sanusi Barkindo said in a speech in Oxford on Monday.—AFP