OPEC Monthly Oil Output Falls In August

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.