OPEC Monthly Oil Output Falls In August

By Myra P. SaefongMarketWatch Pulse

Oil production from the Organization of the Petroleum Exporting Countries saw their first monthly decline since February, according to a Platts survey of OPEC and oil industry officials and analysts released Tuesday. OPEC production in August fell by 140,000 barrels per day from a month earlier, to 31.26 million barrels per day. In a statement, Margaret McQuaile, senior correspondent for Platts, said while it is the first output decline in six months, "it shouldn't be over-interpreted." The total still puts OPEC production 1.26 million barrels a day above the group's official ceiling, she said. October crude settled at $45.94 a barrel, down 11 cents on the New York Mercantile Exchange before the news.

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