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Both countries were roughly in line with their new, higher targets. Saudi Arabia increased by 200,000 barrels a day to 9.63 million, while Iraq ramped up by 110,000 a day to 4.08 million. Output from OPEC's 13 members averaged 27.11 million barrels a day in August, according to the survey.
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The coalition's gradual drip-feed of barrels back to the market is steadying oil prices near $70 a barrel, high enough to salve their economies while largely avoiding the kind of rally that would aggravate inflation. OPEC and its partners agreed on Wednesday to continue with their plan for restoring the unprecedented volumes they took offline when the pandemic crushed fuel demand last year.
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Saudi Arabia and Iraq were the main drivers of the increase.ĭespite the gains, the group is actually pumping about 10% below its overall quota as some members - notably Angola and Nigeria - suffer from deteriorating production capacity and technical disruptions. The Organization of Petroleum Exporting Countries lifted output by 290,000 barrels a day, slightly more than stipulated by its road map for restoring output, according to a Bloomberg survey. OPEC boosted crude production last month as it continued the revival of supplies halted during the pandemic, but some members struggled to keep up.