The Organization of the Petroleum Exporting Countries (OPEC) oil production rose last month for the first time since OPEC and its non-OPEC allies began a new round of production cuts this year to boost oil crude prices on world markets, data showed on Monday.
According Bloomberg, Nigeria and Saudi Arabia led the process of increasing production; where the production of the Organization increased by 200,000 bpd to 29.99 million bpd.
These figures are based on official OPEC data, oil tanker tracking data, and reports from the consulting firms; Rystad Energy and JBC Energy.
Nigeria and Saudi Arabia led the way towards increasing oil production.
It is noteworthy that the OPEC+ alliance, which consists of 14 members of the OPEC oil countries and 10 members of non-OPEC oil countries, led by Russia, agreed to reduce production by 1.2 million bpd as of January 1, amid fears of continued decline in prices on background of the slowing global economy and increased oil production in the United States. This agreement was an extension of a previous agreement to cut production by 1.2 million bpd since the beginning of 2017.
Although Saudi Arabia’s oil production increased by 50,000 bpd last month, the kingdom’s production is still below the level targeted by OPEC+ agreement to cut production.
Saudi Arabia’s oil production last month reached 9.83 million bpd, while domestic consumption increased with the increased use of electricity to operate air conditioners in the summer.
According to the data, Nigeria’s oil production increased in August by 60,000 bpd to 1.95 million bpd, the highest level since early 2016.
At the same time, Russia’s production in August increased to 11,294 million bpd, which is 104,000 bpd, which is more than the ceiling of allowed production under the OPEC+ agreement.