OPEC crude oil production increased by 80 kbd.
Most of the increase came from #Angola, #Nigeria, and #Iran.

Production declined in #Libya, #SaudiArabia and #Kuwait

#OPEC #Oil

#SaudiArabia: The Council of Ministers renewed the Kingdom’s keenness to support efforts aimed at enhancing the stability and balance of oil markets, and to praise the commitment to unity, complete cohesion and market stability affirmed by the oil-producing countries “#OPEC” and outside it through the Declaration of Cooperation
#oott

NOTE Saudi Arabian Q1 GDP came out yesterday, showing huge drop in oil sector -11.2% yoy (accounting for ~ 40% of total economy)
* non-oil sector GDP rose 3.4% yoy

Final GDP: -1.7% yoy #saudiarabia

An oil market statistic:

Saudi Arabia currently produces exactly the same as four years ago (Aug 2020), or about ~9m b/d

Iran and Venezuela together produce ~90% more than four years ago (Aug 2020), or about ~4.3m b/d

#OOTT #Iran #Venezuela #SaudiArabia