OPEC's oil output reaches a record high

Baku. 2 September. REPORT.AZ/ Supply from the Organization of the Petroleum Exporting Countries has risen by 40 thousand barrels, or 0.12% up to 33.50 million barrels per day (bpd) from a revised 33.46 million bpd in July. Report informs citing the Reuters, production in top OPEC exporter Saudi Arabia has likely reached a fresh record, sources in the survey said, as it meets seasonally higher domestic demand and focuses on maintaining market share.

In August, Saudi Arabia is expected at least to match July's record of 10.67 million bpd, sources in the survey said. Other industry sources told Reuters a new record as high as 10.90 million bpd was possible in August.

There is no sign of any deliberate cutbacks. Saudi Energy Minister Khalid al-Falih told Reuters last week that August production had remained around July's level, without giving a precise figure.

Libyan output slipped further and another decline occurred in Venezuela, hit by an economic crisis.

OPEC's official report to be announced on September 12. If Reuters survey will be closer to the truth oil prices will show a tendency to decline.

Saudi Arabia's production reached a record last month.

Notably, in the upcoming OPEC meeting in Algeria on September 26-28 proposal to freeze oil production will be discussed. Experts do not expect positive results from the meeting due to the disagreement between Iran and Saudi Arabia. In addition, OPEC increased production by 1 mln barrel compared to the January. Experts believe in case of agreement, OPEC's current production volumes will not affect the oil market with higher demand.