ANL 35.10 Increased By ▲ 0.58 (1.68%)
ASC 15.00 Decreased By ▼ -0.16 (-1.06%)
ASL 24.50 Decreased By ▼ -0.33 (-1.33%)
AVN 93.00 Decreased By ▼ -2.00 (-2.11%)
BOP 7.84 Decreased By ▼ -0.03 (-0.38%)
BYCO 10.05 Decreased By ▼ -0.26 (-2.52%)
DGKC 125.50 Decreased By ▼ -1.10 (-0.87%)
EPCL 57.30 Increased By ▲ 0.14 (0.24%)
FCCL 24.20 Decreased By ▼ -0.30 (-1.22%)
FFBL 27.75 Decreased By ▼ -0.21 (-0.75%)
FFL 16.30 Increased By ▲ 0.26 (1.62%)
HASCOL 9.88 Decreased By ▼ -0.14 (-1.4%)
HUBC 79.42 Decreased By ▼ -0.58 (-0.73%)
HUMNL 6.68 Increased By ▲ 0.23 (3.57%)
JSCL 21.15 Increased By ▲ 0.74 (3.63%)
KAPCO 40.15 Decreased By ▼ -0.79 (-1.93%)
KEL 3.86 Decreased By ▼ -0.01 (-0.26%)
LOTCHEM 16.34 Decreased By ▼ -0.90 (-5.22%)
MLCF 46.94 Increased By ▲ 0.03 (0.06%)
PAEL 35.90 Decreased By ▼ -0.27 (-0.75%)
PIBTL 10.40 Decreased By ▼ -0.09 (-0.86%)
POWER 9.26 Decreased By ▼ -0.09 (-0.96%)
PPL 84.70 Decreased By ▼ -1.04 (-1.21%)
PRL 25.10 Decreased By ▼ -0.61 (-2.37%)
PTC 9.60 Increased By ▲ 0.15 (1.59%)
SILK 1.19 Increased By ▲ 0.02 (1.71%)
SNGP 38.70 Decreased By ▼ -0.66 (-1.68%)
TRG 166.48 Increased By ▲ 6.87 (4.3%)
UNITY 30.41 Decreased By ▼ -0.34 (-1.11%)
WTL 1.52 Increased By ▲ 0.09 (6.29%)
BR100 4,842 Decreased By ▼ -9.98 (-0.21%)
BR30 25,687 Increased By ▲ 16.11 (0.06%)
KSE100 45,069 Decreased By ▼ -117.81 (-0.26%)
KSE30 18,462 Decreased By ▼ -23.17 (-0.13%)

Coronavirus
VERY HIGH
Pakistan Deaths
15,501
5824hr
Pakistan Cases
725,602
458424hr
Sindh
269,126
Punjab
250,459
Balochistan
20,321
Islamabad
66,380
KPK
99,595

opec1DUBAI: Oil output by the big three Gulf producers saw a net increase of around 400,000 barrels per day (bpd) in August from July as a sharp rise in Kuwaiti output outweighed cuts by Saudi Arabia and the United Arab Emirates (UAE), industry sources said.

 

Saudi Arabia and the UAE both cut their production by around 100,000 barrels per day (bpd) in August, to 9.7 million bpd and 2.7 million bpd, respectively, according to Gulf industry sources.

 

But top producer Saudi Arabia used 100,000 bpd from storage to offer crude supplies to the market of 9.8 million bpd, while Gulf-OPEC ally Kuwait ramped up production by around 600,000 bpd to 3 million bpd in August.

 

In July, Saudi Arabia pumped 9.8 million bpd from its oil wells but put about 100,000 bpd into storage, leaving 9.7 million bpd available for all consumers. Export figures are not available.

 

The UAE produced 2.7 million bpd last month, down by around 100,000 bpd from July, but increased demand mainly from Asia prompted Kuwait to raise production by around 25 percent above July's production of approximately 2.4 million bpd.

 

OPEC ministers agreed in mid-June they should adhere to a collective output limit of 30 million bpd, which implied Gulf oil producers would have to trim their production from levels seen in early 2012.

 

But production by Gulf states remains high and supply from the 12-member Organization of the Petroleum Exporting Countries (OPEC) averaged 31.53 million bpd in August, up from 31.30 million bpd in July, according to a Reuters survey.

 

Copyright Reuters, 2012