ECONOMY


Global oil production increases in August 2020

Baku, September 14, AZERTAC

Global liquids production in August increased by 1.32 million barrels per day (bpd) to an average of 89.88 million bpd, the Organization of Petroleum Exporting Countries (OPEC) said in its report on Monday, according to Anadolu Agency.

In August, OPEC crude oil production rose by 760,000 bpd month-over-month to average 24.05 million bpd, according to secondary sources quoting from OPEC's Monthly Oil Market Report.

Non-OPEC liquids production in August, including OPEC non-gas liquids (NGLs) and non-conventional liquids, is estimated to have increased by 600,000 bpd from the previous month to average 65.83 million bpd.

As a result, the share of OPEC crude out of total global production increased by 26.8% in August relative to the previous month.

Saudi Arabia was the country among OPEC members that raised its monthly crude oil production the most in August with an increase of 475,000 bpd to climb above 8.8 million bpd.

Among other OPEC members, the United Arab Emirates (UAE), Kuwait and Algeria also saw the largest increases in crude oil production levels in August.

While the UAE saw its crude output jump by 180,000 bpd to approximately 2.7 million bpd last month, Kuwait's crude production rose by 127,000 bpd to almost 2.3 million bpd, and Algeria's output increased by 47,000 bpd to more than 855,000 bpd.

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