OPEC's oil production fell to its lowest level since June 2011 in August as protests at many of Libya's key oil exporting ports saw the country's output half.
OPEC's oil production fell to its lowest level since June 2011 in August
as protests at many of
Libya
's key
oil exporting ports saw the country's output half.
Crude-oil production from the Organization of Petroleum Exporting Countries
averaged 30.170 million barrels a day in August, down about 165,000 barrels a
day from 30.335 million barrels a day in July.
An increase in
Saudi Arabia
's
output to 9.975 million barrels a day, the Kingdom's highest level since June
last year according to data compiled by the Wall Street Journal, wasn't enough
to offset substantial declines in
Libya
's
production as strikes and protests roiled the country's oil industry.
Libya
's output
fell by more than half a million barrels a day from July to August to just
525,000 barrels a day last month. More recent production figures given by
Libyan oil officials suggest output towards the end of August was even lower. Deputy
oil minister Omar Shakmak told the Wall Street Journal last week that output
from the country stood at just 320,000 barrels a day.
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