London: The Organisation of Petroleum Exporting Countries (Opec) boosted crude production to 30.42 million barrels a day in August, an increase of 150,000 barrels versus July, according to estimates from researcher JBC Energy GmbH.
The group, excluding Iraq, raised output to 27.67 million barrels a day last month, up 80,000 barrels a day from a month earlier, Vienna-based analysts at JBC including Alexander Poegl said yesterday in a report. Saudi Arabia pumped 100,000 barrels a day more in August than July as the kingdom's refineries processed more oil and its power stations burned more crude.
Opec members may cut production if Libyan output restarts by the end of the year, JBC said. "As soon as a functional government is in place we could see a substantial uptake of Libyan production," JBC said. "The question remains how fast Saudi Arabia and other Opec member countries, which are now compensating for Libya's shortfall, will cut back on their production after Libya's partial regain of output."
