August marked the Organization of Petroleum Exporting Countries’ (OPEC) highest crude production this year, bolstered by Libya’s output.
All members of OPEC collectively produced 32.74 million barrels a day last month, which is 420,000 barrels higher compared to July (according to a Bloomberg report). Producing 970,000 barrels a day, Libya emerged as the biggest contributor to August output.
In June, OPEC members agreed to increase their combined production by 1 million barrels a day.