Mubasher: The oil output of Kuwait declined by 17,000 barrels per day (bpd) to 2.653 million bpd in August, according to the OPEC monthly report.
Last month, a group of countries reduced their oil production, led by Venezuela, whose oil output went down by 43,000 bpd, followed by Iran, Libya, and Algeria, which decreased their production by 24,000 bpd, 21,000 bpd, and 11,000 bpd, respectively.
On the other hand, Saudi Arabia, Nigeria, Iraq, and the UAE increased their production by 118,000 bpd, 86,000 bpd, 43,000 bpd, and 11,000 bpd, respectively, in August.
Oil output from member states of the Organization of the Petroleum Exporting Countries (OPEC) grew last August.
The 14-member group’s crude production averaged 29.74 million barrels per day (bpd), rising by 136,000 bpd, the producer club said in its closely watched monthly oil market report (OMR), which is based on independent sources.
