OPEC output gains in survey as Saudis pump most in 24 years

Libyan Decline

Libya is pumped 200,000 barrels of crude today as negotiations continue with striking workers and guards, state- run National Oil Corp. Measurement Director Ibrahim Al Awami said in telephone interview from Tripoli. The North African country was pumping 1.4 million barrels a day in March, according to Bloomberg estimates.

“The Libyan issues will probably ease before long because the government will send in troops if all else fails,” Emerson said. “If they are back up at even 800,000 barrels a day in a few months there will be a huge impact on the market.”

Angola reduced production 40,000 barrels a day to 1.74 million this month, the second-biggest decline in the survey. The BP Plc-operated PSVM project declared force majeure, a legal clause that excuses companies from delivery obligations because of events beyond their control, on Aug. 18 because of equipment failure.

Niger Delta

Nigeria’s production rose 100,000 barrels to 2.02 million barrels a day in August, the third-biggest increase, according to the survey. The country’s oil industry is frequently disrupted by sabotage and unrest in the Niger River Delta, the main crude-producing region.

Iran produced 2.57 million barrels a day in August, up 10,000 barrels from the previous month. Output was down 180,000 barrels from a year earlier. The country pumped 2.5 million barrels a day in May, the lowest level since February 1990. Iran was OPEC’s second-biggest producer as recently as June 2012 and is now in sixth place.

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