OPEC oil output up

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    LONDON- OPEC oil output has risen by about 1 million barrels per day (bpd) in August, a Reuters survey found, as the group and allies eased record oil supply curbs as the global economy and demand began to recover from the coronavirus pandemic.
    The 13-member Organization of the Petroleum Exporting Countries pumped 24.27 million bpd on average in August, the survey found, up 950,000 bpd from July’s figure and a further boost from the three-decade low reached in June.

    An easing of lockdowns and lower supply from OPEC, Russia and allies, known as OPEC+, have helped oil climb above $46 a barrel from April’s 21-year low of below $16. Still, concern of a coronavirus second wave is weighing on price gains and focusing minds in OPEC.

    “Now we are on better ground, but a full recovery is not there yet,” said an OPEC delegate.

    “We must continue to monitor the market and coronavirus situation very carefully.”