BY CONTINUING TO USE THIS SITE, YOU ARE AGREEING TO OUR USE OF COOKIES. REVIEW OUR
COOKIE NOTICE

Register with us today

and in less than 60 seconds continue your access to:Latest news headlinesAnalytical topics and featuresCommodities videos, podcast & blogsSample market prices & dataSpecial reportsSubscriber notes & daily commodity email alerts

Already have an account?

Log in to register

Forgot Password

Please Note: Platts Market Center subscribers can only reset passwords via the Platts Market Center

Enter your Email ID below and we will send you an email with your password.


  • Email Address* Please enter email address.

If you are a premium subscriber, we are unable to send you your password for security reasons. Please contact the Client Services team.

IF you are a Platts Market Center subscriber, to reset your password go to the�Platts Market Center to reset your password.

In this list
Oil

Saudi crude oil output in August rises to 10.424 million b/d: OPEC source

Agriculture | Electric Power | Natural Gas | Oil

Market Movers Europe, Nov 19-23: Oil supply, price volatility in focus

Oil

Platts Rigs and Drilling Analytical Report (RADAR)

Agriculture | Natural Gas | LNG | NGL | Oil | Crude Oil | Refined Products | Petrochemicals | Shipping

Houston Energy Forum at the S&P Global Platts Energy Symposium

Oil

Iran names new national oil chief in reshuffle

Saudi crude oil output in August rises to 10.424 million b/d: OPEC source

London — Saudi Arabia will report August crude oil production of 10.424 million b/d, an OPEC source told S&P Global Platts on Friday.

Not registered?

Receive daily email alerts, subscriber notes & personalize your experience.

Register Now

The figure represents a 136,000 b/d increase from July, when Saudi Arabia, OPEC's largest producer and the world's largest crude exporter, self-reported production of 10.288 million b/d.

The kingdom supplied to market 10.467 million b/d in August, the source added on condition of anonymity. That means the sum of crude exported to customers, consumed by Saudi refineries and burned by domestic power plants, slightly exceeded the amount of crude that was pumped out of the ground in the month, indicating a draw of barrels held in storage.

The August figures reflect Saudi customer demand, the source said.

July production had been down partly because of a July 25 attack on two VLCCs in the Red Sea owned by state oil company Saudi Aramco, the source said. The attack prompted the company to suspend shipments through the Bab al-Mandab strait until August 4.

OPEC on June 23 agreed with 10 non-OPEC partners to end overcompliance with their production cuts and boost output by a collective 1 million b/d to replace barrels expected to be shut in by the reimplementation of US sanctions on Iran and Venezuela's economic freefall.

Saudi Arabia's quota under the deal was 10.06 million b/d.

The market has been closely watching Saudi production, as it holds the bulk of global spare capacity and has indicated its willingness to serve as the world's primary swing producer.

OPEC is set to reveal its August production figures in its monthly oil market report September 12.

A six-country OPEC/non-OPEC monitoring committee overseeing the supply accord is set to meet September 23 in Algiers to review market conditions and decide on next steps. The committee is chaired by Saudi energy minister Khalid al-Falih.

--Herman Wang, herman.wang@spglobal.com

--Edited by Jonathan Fox, jonathan.fox@spglobal.com