Oil output by the big three Gulf producers saw a net increase of around 400,000 barrels per day (bpd) in August from July as a sharp rise in Kuwaiti output outweighed cuts by Saudi Arabia and the United Arab Emirates (UAE), industry sources said.
Saudi Arabia and the UAE both cut their production by around 100,000 barrels per day (bpd) in August, to 9.7 million bpd and 2.7 million bpd, respectively, according to Gulf industry sources.
But top producer Saudi Arabia used 100,000 bpd from storage to offer crude supplies to the market of 9.8 million bpd, while Gulf-OPEC ally Kuwait ramped up production by around 600,000 bpd to 3 million bpd in August.
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