Reuters survey: OPEC oil output rises in August as Libyan recovery holds

|By:, SA News Editor

OPEC's oil production has advanced in August from July, according to a Reuters survey, as a 100K bbl surge in Libyan supply held up and Angola and Iran boosted supplies, outweighing a further decline in Iraq.

The survey also found Saudi Arabia and other core Persian Gulf producers kept output largely flat and have not cut back to prop up prices, which this month slipped to a 14-month low near $101/bbl.

OPEC supply has averaged 30.15M bbl/day in August, up from 30.06M in July, according to the survey based on shipping data and information from sources at oil companies, OPEC and consultants.

ETFs: USO, OIL, UCO, SCO, BNO, DTO, DBO, CRUD, USL, UWTI, DWTI, DNO, SZO, OLO, OLEM, TWTI