Friday 10 August 2012

Opec output down as crude gains - The National

Opec oil output fell last month, one in which the price of crude rose steadily on geopolitical concerns and steady demand.

The 12 members of the organisation pumped a total average of 31.1 million barrels per day (bpd) last month, a decrease of 157,000 bpd.

Iran, saddled with hefty sanctions, led the decline but Saudi Arabia, Libya and Angola also reduced output.The cutback was partially offset by Iraq, which passed the 3 million bpd mark for the first time in many years.

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