OPEC Production Estimates Rise Even Higher in August

According to MEES estimates, total OPEC crude output for August could be running as high as 19.7mn b/d, over 3mn b/d above the official ceiling of 16.6mn b/d and more than 1mn b/d higher than the estimate of 18.6mn b/d for July, which had already been regarded as excessive in the light of an IEA-projected residual demand for OPEC crude (excluding stock movements) of some 16.2mn b/d for the third quarter.

The bulk of the increase in...