17 September 2013
Global oil output stalls on Libyan losses
Global oil production fell by 775,000 barrels a day (b/d) in August, to 91.6 million b/d, as soaring Saudi Arabian output failed to completely offset Libyan losses
Opec crude output came in at 30.5m b/d in August, down by 260,000 b/d, according to International Energy Agency (IEA) figures. Libyan oil production fell a post-war low of 150,000 b/d at the beginning of September because of labour disputes, civil unrest and political division between the government and tribal militias. Libyan production, which was 1m b/d in July, slid to 550,000 b/d in August. Saudi Arabia’s oil production reached 10.19m b/d in August, its highest level in 32 years. Increased Saudi Arabian output is being exported to Asia, partly to replace supply losses from former Soviet Union producers cutting exports, seasonal maintenance worldwide and lower output in China due to floo
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