OPEC output surges

OPEC output surges

NICOSIA (AFP): OPEC's output hit an 18-year high of 27.45 million barrels a day (b/d) in August, or 2.4 million b/d above its ceiling, due to high Iraqi production, the Middle East Economic Survey (MEES) reported yesterday.

The Nicosia-based newsletter, citing its own estimates, said Iraq's output for domestic use and for exports rose to 1.5 million b/d last month from 600, 000 b/d in July.

Since Iraq resumed exports under the UN oil-for-food deal on August 14, it exported around 27-28 million barrels up until the end of the month, or an average 1.53-1.55 million b/d over the 18-day period, MEES said.

"Some 17.7 million barrels of Kirkuk crude are reckoned to have been lifted from the Turkish Mediterranean port of Ceyhan and 9.8 million barrels of Basra Light crude from the Gulf terminal of Mina al-Baqr," it said.

MESS said several other producers also increased their output in August: Nigeria (40,000 b/d), Saudi Arabia (30,000 b/d), Venezuela (20,000 b/d), and Iran and Indonesia (10,000 b/d each).