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 a link to reset your password.

  • Email Address* Please enter email address.

If you are a premium subscriber, we are unable to send you a link to reset 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

OPEC hikes Aug crude output, but still overcomplies with cuts: S&P Global Platts survey

Coal | Thermal Coal | Electric Power | Emissions | Renewables | LNG | Oil | Crude Oil | Refined Products | Metals | Non-Ferrous | Coronavirus

Market Movers Asia Oct 26-30: China's five-year plan, SIEW 2020 in focus


Platts Market Data – Oil

Commodities | Oil | Crude Oil | Marine Fuels

Marine Fuel Strategy Seminar (at MEEPEC)

Natural Gas | Oil

BP starts production at Qattameya gas field in Egypt's East Nile Delta

OPEC hikes Aug crude output, but still overcomplies with cuts: S&P Global Platts survey


OPEC output rises to 29.93 mil b/d

August cut compliance 103%

Saudi Arabia pumps 9.77 mil b/d

Iraq hits record high; Iran steady

London — OPEC's crude production edged up by 50,000 b/d in August to 29.93 million b/d, the latest S&P Global Platts surveyfound, with the bloc still struggling to move oil prices higher despite broad overall compliance with output cuts in place since January.

Not registered?

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

Register Now

The August figure is 930,000 b/d lower than what OPEC's 14 members -- who collectively control some one-third of global production capacity -- pumped in January, and 2.34 million b/d lower on the year, not counting Qatar, which left the organization at the end of 2018.

The cuts, along with US sanctions on OPEC members Iran and Venezuela, have contributed to tightening supplies, particularly of heavier and sour crudes.

However, oil prices remain depressed over US-China trade tensions and global economic concerns. Front-month ICE Brent futures were trading at $60.49/b at 1005 GMT, some $10 below what many analysts say fundamentals might suggest.

"OPEC plus cuts and geopolitical supply risks remain supportive" of prices, S&P Global Platts Analytics said in a note this week.

Several key OPEC members and their allies, including Russia, will gather Thursday in Abu Dhabi for a Joint Ministerial Monitoring Committee meeting, where traders will be watching closely for signals on potentially deeper cuts. OPEC, Russia and nine other oil producing countries are in the midst of a 1.2 million b/d in production curb agreement that runs through March 2020.

With August's rise in output, OPEC's overall compliance fell to 103% among the 11 members with output caps from 117% in July, according to Platts calculations.

Platts Periodic Table of Oil

Know the difference between Oseberg and Cabinda. Our interactive table is your comprehensive guide to 120 of the most important crude grades traded on global markets.

Explore the interactive table


Saudi Arabia, which co-chairs the JMMC with Russia and was the driving force behind the cut agreement, boosted itsoutput to 9.77 million b/d in August, the survey found, as tanker tracking data showed a rise in its crude exports and satellite imagery suggested a build in inventories.

Even with the rise, the kingdom remains 540,000 b/d under its agreed quota of 10.31 million b/d.

Iraq, which has regularly flouted its quota, had the biggest rise among OPEC members, pumping an all-time high of 4.88 million b/d in August -- 370,000 b/d in excess of its cap of 4.51 million b/d -- according to the survey.

The Saudi Press Agency on Thursday reported that Saudi Crown Prince Mohammed bin Salman and Iraqi Prime Minister Adil Abdul Mahdi spoke by phone and discussed "the importance of joint coordination to achieve oil market stability."

Nigeria, another member that has often pumped more than its cap, hit its highest production level since January 2015 of 1.98 million b/d, the survey found.

Iran kept its output steady in August at 2.30 million b/d, amid negotiations with Europe over a $15-billion creditline that could facilitate oil trade and keep Iran committed to the nuclear deal.

The US stepped up its sanctions on Iran this week, but speculation is rife that Iranian President Hassan Rouhani could meet with his US counterpart, Donald Trump, at the UN General Assembly later this month.

Production in Venezuela, also affected by US sanctions, fell to 700,000 b/d in August, the survey found.

Kuwait pumped its lowest level in nearly eight years, while Libya dropped due to a force majeure declared on its El Sharara field.

The Platts OPEC figures are compiled by surveying OPEC and oil industry officials, traders and analysts, as well as reviewing proprietary shipping and inventories data.


Algeria 1.01 -0.01 1.02
Angola 1.38 -0.04 1.42
Congo-Brazzaville 0.33 0 0.33
Ecuador 0.53 -0.01 0.54
Equatorial Guinea 0.13 0 0.13
Gabon 0.20 0 0.20
Iran 2.30 0 2.30
Iraq 4.88 +0.10 4.78
Kuwait 2.63 -0.05 2.68
Libya 1.02 -0.03 1.05
Nigeria 1.98 +0.05 1.93
Saudi Arabia 9.77 +0.07 9.70
UAE 3.07 0 3.07
Venezuela 0.70 -0.03 0.73
TOTAL 29.93 +0.05 29.88


Algeria 1.01 1.03 -0.02
Angola 1.38 1.48 -0.10
Congo-Brazzaville 0.33 0.32 +0.01
Ecuador 0.53 0.51 +0.02
Equatorial Guinea 0.13 0.12 +0.01
Gabon 0.20 0.18 +0.02
Iraq 4.88 4.51 +0.37
Kuwait 2.63 2.72 -0.09
Nigeria 1.98 1.69 +0.29
Saudi Arabia 9.77 10.31 -0.54
UAE 3.07 3.07 0
TOTAL NON-EXEMPT 25.91 25.94 -0.03
Iran 2.30 EXEMPT N/A
Libya 1.02 EXEMPT N/A
Venezuela 0.70 EXEMPT N/A

Notes: Qatar left OPEC, effective January 1.

In July, OPEC and 10 non-OPEC partners agreed to extend through March 2020 their 1.2 million b/d production cut agreement, which exempts Iran, Libya and Venezuela.

The next OPEC meeting will be December 5, with the OPEC/non-OPEC meeting due the next day.

The S&P Global Platts OPEC survey, which has been published since 1988, measures well-head crude oil production ineach member country.

-- Herman Wang,

-- Jack Jordan,

-- Edited by Jonathan Dart,