OPEC crude production rose in August to the highest level this year as a recovery in Libyan output helped to offset a cut in Iranian exports due to US sanctions.
The group’s 15 members, which now include the Republic of Congo, collectively produced 32.74 million barrels a day last month, an increase of 420,000 barrels a day from July.
The Organization of Petroleum Exporting Countries and its allies agreed in June to increase combined output by one million barrels a day to meet consumer demand and prevent a sharp rise in prices. That followed US President Donald Trump urging the group to act in order to prevent further rises.
Libya was the biggest contributor to the rise in output across the group, pumping 1000,000 barrels a day last month compared to 660,000 barrels a day in July.
Iran suffered the biggest output drop across the group, of 240,000 barrels a day, pushing its production down to 3.5 million barrels a day. Even though sanctions don’t officially take effect until November, Iran is already seeing customers flee as the US imposes penalties on buyers after Mr Trump quit a 2015 nuclear accord with the country.
