OPEC oil output rises by 1 mln bpd in August as cut eases: survey
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OPEC oil output increased for the second consecutive month in August, a Reuters survey found, as the group and allies eased record oil supply restrictions.
The survey results showed that OPEC pumped 24.27 million barrels per day (bpd) on an average in August, up 950,000 bpd from July’s figure, and a further boost from the three-decade low in June.
“Now we are on better ground, but a full recovery is not there yet,” an OPEC delegate told Reuters, adding that the oil bloc will continue to monitor the market and the coronavirus situation very carefully.
In August, OPEC countries delivered 99% of the pledged reduction and 95% in July, the survey found.