OPEC oil output in August hits highest since pandemic’s early days

OPEC oil output rose in August to its highest since the early days of the pandemic in 2020 as Libyan facilities recovered from unrest and Gulf members raised output to unwind a production cut deal with allies.  OPEC has pumped 29.58 million barrels per day this month, up 690,000 bpd from July and the highest since April 2020.  With many producers lacking the capacity to raise output due to insufficient oilfield investment, the 10 OPEC members managed a 300,000 bpd increase from July and are still pumping far less than called for.