OPEC members in the current quota system undershot output targets by 1.4 million barrels per day in August compared to 1.3 mbpd in July but generally kept pace with the monthly quota increase.
Those in the quota system boosted output by 300k bpd in August (compared to +413K in the quota) with only the UAE hitting its full target. However Iraq production rose by 70k bpd in the month to narrow its quota miss to 131k bpd. At 10.85 mbpd, Saudi Arabia increased production by 100k bpd but is still producing 154k bpd shy of quota.
The biggest miss continues to be Nigeria, which is struggling with internal issues. It pumped 646k bpd less than quota though did increase output by 50kbpd in the month.
The main improvment in the month was from Libya, which is not subject to quotas. Its production rose 400k bpd to 1.1 mbpd as unrest cooled.
Overall, the 29.58 mbpd is the most since the start of the pandemic.
The data is based on shippers tracked by Reuters and is the survey tracked most by the market and OPEC itself. With OPEC's quota rising by just 100k bpd in September, this is basically the end of the line for scheduled production increases and now it will be a question of ongoing execution.
WTI crude oil is up a bit since the data but is down badly over the past two days.
