August 31, 2018 / 9:53 AM / 3 months ago

Saudi oil production in August rose to 10.424 mln bpd: OPEC source

DUBAI (Reuters) - Saudi Arabia’s crude oil production in August rose to 10.424 million barrels per day (bpd) compared to 10.288 million bpd in July, an OPEC source said on Friday.

Crude supply in August was 10.467 million bpd, the OPEC source familiar the kindgom’s output plans said, compared to 10.380 million bpd in July.

Supply to the market - domestically and for export - may differ from production depending on the movement of barrels in and out of storage.

“This reflects customers needs, and is in accordance with the OPEC+ agreement,” the OPEC source said, referring to the deal between the Organization of the Petroleum Exporting Countries, Russia and other producers to rein in production.

The source said the drop in July output was due to lower exports after Riyadh halted oil shipments through Bab al Mandeb, following an attack by Yemen’s Houthi movement on Saudi oil tankers in the waterway between the Indian Ocean and Red Sea.

OPEC and its allies pledged on June 22-23 to return to 100 percent compliance with their agreement to reduce their combined output by 1.8 million bpd. The pact was first implemented in January 2017.

Reporting Rania El Gamal; Writing by Maher Chmaytelli; Editing by Edmund Blair

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