Oil production in OPEC dropped to 3-month low in August

Oil production in the OPEC dropped to 3-month low in August, according to the preliminary data. The production in the cartel has decreased by 200 thousand barrels a day to 33 million barrels a day in August, which is the lowest level since May. The OPEC data will be officially presented on Monday, but before the official publication some corrections might be expected.

The decline in production is due to decreases in the production of Saudi Arabia, the United Arab Emirates, Kuwait and Qatar. Some representatives of the organization state that the countries lower the record-high yields and are ready to cooperate for the sake of possibly freezing yields. Later this month this will be discussed at a meeting in Algeria.

The yield in Iran remains at 3.6 million barrels per day in August - as in May. The Islamic Republic said it wants to increase production to over 4 million barrels per day. Some OPEC officials claim that Tehran has already reached that level.

The output in Venezuela has decreased by 200 thousand barrels per day this year and the last two months has stabilized to 2.1 million barrels per day. Production in Algeria and Libya in August decreased respectively by 9000 barrels per day and 28 thousand barrels per day.

Only Iraq and Nigeria have significant increases. Authorities in Baghdad have reported OPEC that the yield increased by 32 thousand barrels per day to 4.64 million barrels a day in August. In Nigeria the production increased by 186 thousand barrels per day to 1.46 million barrels per day.