Reuters Survey: OPEC August Oil Output Hits 2018 High Despite Iran Losses

Reuters Survey: OPEC August Oil Output Hits 2018 High Despite Iran Losses
OPEC oil output has risen this month to a 2018 high as Libyan production recovered and Iraq's southern exports hit a record, a Reuters survey found.

Despite these decreases, OPEC output in August has risen to the highest since September 2017 according to Reuters surveys. This partly reflects the addition of Congo Republic to OPEC in June, not just increases by existing members.

Before Congo joined, OPEC had an implied production target for 2018 of 32.78 million bpd, based on cutbacks detailed in late 2016 and Nigeria and Libya's expectations of 2018 output.

According to the survey, OPEC excluding Congo pumped about 310,000 bpd below this implied target in August.

The survey aims to track supply to market and is based on shipping data provided by external sources, Thomson Reuters flows data and information provided by sources at oil companies, OPEC and consulting firms.

(Additional reporting by Rania El Gamal; editing by David Evans and Jason Neely)


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