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The latest Bloomberg survey, based on estimates from officials, ship-tracking data and consultants including  Rystad Energy  and  JBC Energy GmbH, revealed that the Organization of Petroleum Exporting Countries’ (OPEC) crude oil production rose in August for the first time since the cartel and other producers reached an oil output cuts agreement at the start of the year to stem the oil-price declines and rebalance the market.

Key Details:

“Nigeria and Saudi Arabia led the boost by the Organization of Petroleum Exporting Countries, which collectively increased by 200,000 barrels a day to 29.99 million a day.

Bigger-than-planned cutbacks by the Saudis are now only just balancing out cheating by other OPEC members.

Nigeria hasn’t made any of the cuts it pledged, and increased output again in August, by 60,000 barrels a day to 1.95 million, the highest level since early 2016.”  

Both crude benchmarks remain on the back foot amid escalating US-China tensions and rising OPEC output levels. WTI trades below $ 55 mark while Brent remains capped by 59 handle.