Bloomberg on Tuesday showed its compiled tanker tracking data, and it showed that the Organisation of the Petroleum Exporting Countries (OPEC) oil exports rose to a four-month high.
The oil organizations substantial producers Iran, Iraq, Kuwait, Saudi Arabia, and the United Arab Emirates, all made up for three-quarters of the total production—shipped 15.73 million barrels of crude oil per day on average in August—an increase of 736,000 barrels per day over July levels, marking a four-month high, even as the group tries to live up to its promise to do all that they can to balance the oil market.
Both Saudi Arabia and the UAE added to their crude oil and condensate exports by 300,000 barrels per day. Iraq’s exports increased by 150,000 bpd, while Iran’s were up 65,000.
Furthermore, OPEC happens to be falling in line with its established production quotas, despite the estimated rise in crude production and exports. Sources reveal that the estimates of the August production are pegged at 136 percent compliance.
The total production appraises for OPEC last month was at 29.61 million barrels per day, according to a survey by Reutar, with the likes of Saudi Arabia, Nigeria, and Iraq all increasing their production rate.
Bloomberg this past Monday estimated that the group’s production had risen from 200,000 bpd for the month, to 29.99 million barrels daily. Saudi Arabia had its production increase to 9.83 million bpd.
Russia who is the largest non-member of OPEC to sign onto the production cut deal—also had its production rise in August, but has since stated that it will adhere to its agreed-upon cuts for the month of September.