TEHRAN (FNA)- OPEC’s oil supply will probably increase in August by 400,000 barrels a day, or 1.2 percent, as Iran releases crude held in storage, according to preliminary estimates from PetroLogistics Ltd.
The 13 members of the Organization of Petroleum Exporting Countries will provide 32.9 million barrels daily this month, compared with 32.5 million a day in July, PetroLogistics founder Conrad Gerber said by telephone from Geneva. OPEC contributes more than 40 percent of the world’s oil.
The increase is “largely or entirely due to Iranian exports going up in August, as in July they were really down,” Gerber said. Angola contributed to the increase in August shipments, he added.
Iran, the group’s second-largest member, raised supplies to 4 million barrels a day in August from 3.65 million in the previous month, according to PetroLogistics. Angola provided markets with 2.07 million barrels a day in August.
Saudi Arabia, the largest exporter, supplied 9.45 million barrels a day this month compared with 9.47 million last month, after completing its pledge to boost production in a bid to cool prices, Gerber said. Iraqi supplies slipped to 2.32 million barrels a day this month from 2.345 million a day in July.
The 13 members of OPEC, 12 of which are subject to its quota system, will next meet to review production targets in Vienna on Sept. 9 and then in Algeria on Dec. 17. The group has maintained an official output limit of 29.67 million barrels a day this year.