Crude oil output from the Organization of Petroleum Exporting Countries (OPEC) climbed by 90,000 barrels per day in August.
Output rose to 31.54 million b/d as increases from Angola, Iraq, Nigeria and the United Arab Emirates (UAE) outstripped decreases from Algeria and Iran, according to a Platts survey of OPEC and oil industry officials and analysts today.
This follows July production of 31.45 million b/d and leaves OPEC overproducing its 30 million b/d ceiling by 1.54 million b/d.
"Just when there was considerable talk of tighter markets and OPEC's limited ability to sustain those prior levels of output after a decline in output in July, the group turns around and produces more, even as Iranian output dropped even further," said John Kingston, Platts global director of news.
"It's been an impressive performance. And when you put this month's number up against OPEC's own prediction that it is going to need to produce about 30.5 million b/d in the fourth quarter, which is always the heaviest demand period of the year, it should ease fears of tight crude supplies."
Iranian output fell by 150,000 b/d as US and European sanctions targeting Tehran's oil revenues continued to bite, according to the survey.
OPEC kingpin Saudi Arabia maintained output at 10 million b/d. Its Gulf neighbours Kuwait and Qatar also kept output steady.
