According to OPECs Monthly Oil Market Report, published September 13th, The cartel raised its August oil production by 618,000 barrels per day. Currently OPEC is producing 29.651 million barrels per day, with Libya and Saudi Arabia accounting for the largest increases in production.

Libya’s oil production had been suppressed by political disputes which led to officials shutting down production in certain fields entirely. However currently production has risen to 1.123 million barrels per day, up from 697,000 barrels per day in July. In 2021, Libya’s average crude production was 1.143 million barrels per day.

Saudi Arabia’s production rose as well, from 10.744 million barrels per day in July to 10.904 million barrels per day in August. However that is 100,000 barrels per day below the Kingdom’s 11.004 million barrels per day of production allocated in its August quota.

Nigeria and Angola were the most behind their production quotas, with Nigeria producing 1.1 million bpd vs a 1.826 million bpd target production quota, and Angola, which was given a target of 1.525 million bpd, only producing 1.187 million bpd. Iraq was also 126,000 bpd short of its quota.

Despite the production target misses, OPEC has been increasing production steadily each month since May, though in each month it has missed its production quota.

The report also indicated that Russia increased its July production by 36,000 bpd, to 11.1 million bpd over the month.