OPEC oil production, excluding Iran, Venezuela and Libya, in August was again lower than agreed, reaching 25,278 million barrels per day1.4 million barrels less than the established joint quota.
The information was released in the monthly report of the Organization of Petroleum Exporting Countries (OPEC) for September, released this day in Vienna.
On the other hand, the group’s analysts kept their oil demand estimates made a month ago unchanged, based on a cautiously optimistic view of the global economy.
In the agreement signed at the end of June with Russia and nine other independent producers of the OPEC+ alliance, which represented a global increase of 648,000 barrels per day, the organization’s partners promised to pump together 26,689 million barrels per day in August.
But the data released this year, based on estimates from various independent institutes, reveals the growing technical difficulties most producing countries face in increasing supply.
Hardest hit were Nigeria, whose extractions fell last month from 65,000 barrels per day to 1.1 million barrels per daywhen the assigned quota is 1.8 million barrels per day, and Angola (with a production of 1.19 million barrels per day compared to a quota of 1.52 million barrels per day).
Despite this, OPEC as a whole managed to increase oil supply by 618,000 barrels per day compared to July, thanks mainly to the additional 426,000 barrels per day supplied by Libya, a country that, together with Venezuela (678,000 barrels) and Iran (2, 57 million barrels per day) are exempt from the supply limitation commitment.
In total, the thirteen partners produced 29.65 million barrels per day, a volume higher than the 28.9 million barrels per day that OPEC itself estimates as the average level of demand required by this group, while the rival supply would amount to 65 .8 million barrels per day this year.
This latest figure is subject to a relatively favorable forecast for the Russian oil industry despite the sanctions imposed by the West for invading Ukraine, which include a partial and progressive oil embargo.
Regarding global demand, OPEC kept its estimates from a month ago unchanged and forecasts an average consumption of 100.03 million barrels a day this year (3.2% more than in 2021) and 102.73 million barrels per day in 2023.
Source: Observadora
