OPEC’s oil production falls in August
The decrease in the cartel’s output was attributed to the fact that the group’s largest member Saudi Arabia cut down on its production.
OPEC’s August estimate does not include Libya and Nigeria, both of which were exempted from the cartel’s decision to cut production in November since their output had already tanked due to domestic conflicts. According to OPEC’s data, Libya’s oil output fell to 890,000 barrels/day in August while Nigeria increased its production to 1.86 million barrels/day.
Meanwhile, OPEC increased its expectations for global oil demand and world economic growth. According to the cartel, the global economy will grow 3.5% in 2017 instead of its previous forecast of 3.4% while it expects the world to consume 96.77 million barrels/day of oil in 2017 and 98.12 million barrel/day in 2018.
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