By: Middle East Affairs
On Friday, an OPEC source said: “Saudi Arabia’s crude oil production in August rose to 10.424 million barrels per day (bpd) compared to 10.288 million bpd in July.”
The OPEC source familiar the kindgom’s output plans said that crude supply in August was 10.467 million bpd, compared to 10.380 million bpd in July.
It should be noted that supply to the market – locally and for trade – may vary from production relying upon the development of barrels all through capacity.
The OPEC source also said: “This reflects customers needs, and is in accordance with the OPEC+ agreement,” referring to the deal between the Organisation of the Petroleum Exporting Countries, Russia and other producers to rein in production.
“The drop in July output was due to lower exports after Riyadh halted oil shipments through Bab al Mandeb, following an attack by Yemen’s Houthi movement on Saudi oil tankers in the waterway between the Indian Ocean and Red Sea,” the source said.
On June 22-23, OPEC and its partners promised to come back to 100 percent consistence with their consent to lessen their consolidated yield by 1.8 million bpd. The settlement was first actualized in January 2017.