The Organisation of Petroleum Exporting Countries (OPEC) has published its Monthly Oil Market Report for August 2020.

In the latest edition, it indicated that the OPEC Reference Basket (ORB) averaged $43.42/b in July which is a $6.37 gain over the previous value and it is the highest value the basket has reached since February this year. Crude oil futures also rose in July for the third consecutive month.

ICE Brent ended July at $43.22/b, a rise by $2.45

NYMEX WTI rose by $2.45 to reach $40.77/b

Brent-WTI remained at $2.46/b

The total crude production by the 13-member countries of the Organisation averaged 23.17 million barrels per day, according to secondary sources; a 0.98 million barrels per day month-on-month.

The 9.7 million barrels per day cut in global supply that lasted from May – June 2020 has been revised 7.7 million barrels per day from August until the end of the year and will be further reduced to 5.8 million barrels per day from January 2021.

The demand for OPEC crude has been revised down by 0.4 million barrels per day from June to be 23.4 million barrels per day for 2020. The demand for OPEC crude in 2021 is also revised down by 0.5 million barrels per day from June to be 29.3 million barrels per day, around 5.9 million barrels per day higher than 2020. This is a reduction in projection by almost 100, 000 barrels per day for 2020 and 2021.

Below is a breakdown for the member countries, according to secondary sources:

OPEC CRUDE OIL PRODUCTION (tb/d)