Angola, Nigeria, Libya increase productionArticle | September 13, 2012 – 7:28am | By Eki Toju
The Organisation of Petroleum Exporting Countries has said it boosted crude production last month as Angola, Nigeria and Libya increased production.
The organisation’s output climbed to 31.41 million barrels a day in August, compared with 31.16 million barrels a day in July.
According to its Vienna-based secretariat’s monthly oil market report, OPEC, which supplies 40 percent of the world?s oil, said its production level remains above the 30 million barrel target which they agreed on during their December 2011 meeting.
Increased production coincided with a 9.2 percent advance in Brent crude on the ICE Futures Europe exchange during August. The benchmark oil grade rose 0.2 percent to $115.06 a barrel in London trading.
Angola?s output rose about 12 percent last month to 1.85 million barrels a day, while Nigeria’s climbed to 2.18 million, based on OPEC survey, which cites secondary sources for its information.
Angola?s loading programme for July was partly reduced by an incident at the Girassol field that caused Total SA to delay some shipments, while Saudi Arabia, the world?s largest crude exporter, pumped 9.86 million barrels in August against 9.85 million in July.
Iraq, however, remained the group?s second-largest producer, supplying 3.11 million barrels a day, outpacing Iran for a third month.
