OPEC output ups amid increased Iranian supplies
A survey by Reuters shows that the Organization of the Petroleum Exporting Countries (OPEC) oil output rose in August as Iranian supply rose to its highest since 2018.
According to the survey, OPEC oil output rose in August, despite ongoing cuts by Saudi Arabia and other members of the wider OPEC+ alliance to support the market.
The OPEC has pumped 27.56 million barrels per day (bpd) this month, the survey found, which shows an increase of 220,000 bpd compared to July. That's the first rise since February, according to Reuters surveys.
Iran is exempt from OPEC cuts and its exports have been rising in 2023 despite US sanctions, although views differ as to the exact scale. The overall development, some analysts say, is adding to OPEC+’s challenge in managing the market.
Output from the 10 OPEC members that are subject to OPEC+ supply cut agreements edged lower by 10,000 bpd, the survey found. Saudi Arabia and other Persian Gulf members maintained strong compliance with agreed cutbacks and extra voluntary reductions.
Iranian oil output hit 3.10 million bpd in August, the survey found, which is the highest since 2018, the year Washington re-imposed sanctions on Iran.
Analysts have said the higher exports appear to be the result of Iran’s success in evading US sanctions.