OPEC OIL PRODUCTION UP 230 TBD

PLATTS - OPEC oil output averaged 29.71 million b/d in August, up 230,000 from July as production increases in Saudi Arabia, the UAE, Nigeria and Iraq offset declines in Venezuela and Libya, the US Energy Information Administration said Tuesday.

In its monthly Short-Term Energy Outlook, EIA said it expects OPEC oil output to average 30.03 million b/d in 2019 and 29.6 million b/d in 2020, down 100,000 b/d and 190,000 b/d, respectively, from last month's forecast.

The latest S&P Global Platts survey, released Friday, has OPEC's crude output at 29.93 million b/d in August, up 50,000 b/d from July.

A production cut agreement between OPEC and other producers, along with US sanctions on crude oil exports out of Iran and Venezuela, have caused a tightening in global crude supplies, particularly heavy and sour crudes.

OPEC oil output has declined 2.56 million b/d since January 2018, according to EIA.

EIA said Tuesday that Venezuelan output fell to 750,000 in August from 800,000 in July, while Libyan oil output fell to 1.09 million b/d in August from 1.13 million b/d in July.

Saudi oil output averaged 9.85 million b/d in August, up from 9.75 million b/d in July, but still well below the 11 million b/d mark reached in November.

Month-on-month oil output in Nigeria rose to 1.67 million b/d in August from 1.6 million b/d in July; in UAE, to 3.15 million b/d from 3.1 million b/d; in Iraq, to 4.75 million b/d from 4.7 million b/d; and in Angola, to 1.43 million b/d from 1.39 million b/d, EIA said Tuesday.

Iranian crude oil output averaged 2.1 million b/d in August, unchanged from July, according to EIA.

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