Production grows despite Iran sanctions pressure

摘要

Opec production rose to its highest this year in August, as a recovery in Libyan crude output ofset the impact of reimposed US sanctions on Iran. Production increased to 32.49mn b/d last month, up by 260,000 b/d from July and the highest since December. But Opec compliance with its agreement to cut output still rose to a three-month high of over 140pc, as the lion’s share of the gain came from Libya, which is exempt from the deal. Opec members have only added 400,000 b/d of the 1mn b/d of supply that they agreed to restore at their 22 June meeting in Vienna, when members reafrmed their commitment to 100pc compliance with output cuts.