OPEC Compliance Hits 89 Percent In August

Output from the Organization of Petroleum Exporting Countries
(OPEC) fell by 170,000 barrels per day this month, down from a
year-long high in July, according to feedback from a
new Reuters survey, which now stands at 32.83 million bpd. The
drop in output came as Libya faced renewed conflict in the Oil
Crescent and OPEC members increased their compliance to preexisting
production quotas. The cartel’s No. 1 and No. 2 producers, Saudi
Arabia and Iraq, cut output last month, causing compliance to rise
by five points to 89 percent –…

Output from the Organization of Petroleum Exporting Countries
(OPEC) fell by 170,000 barrels per day this month, down from a
year-long high in July, according to feedback from a
new Reuters survey, which now stands at 32.83 million bpd. The
drop in output came as Libya faced renewed conflict in the Oil
Crescent and OPEC members increased their compliance to preexisting
production quotas. The cartel’s No. 1 and No. 2 producers, Saudi
Arabia and Iraq, cut output last month, causing compliance to rise
by five points to 89 percent –…