Azerbaijan, Baku, Sept.13 / Trend A.Badalova/
OPEC production imcreased by 0.32 million barrels per day (bpd) to 31.7 million bpd in August, which is the highest level since April, 2012, according to the Global Energy Studies Centre (CGES) estimates.
Saudi Arabia, which is the largest oil producer within OPEC, decreased its output from 10.07 million bpd in July to 10.06 million bpd in August.
According to CGES estimates, Iranian output slightly increased in August - to 2.68 million bpd compared to 2.65 million bpd in July.
"This rise was due in large part to the resolution of Iran's difficulties in obtaining tanker insurance, allowing more of its crude to be shipped to the Asia Pacific region," CGES said in its report.
Libyan output also benefited from more normal conditions after protests about the status of the east of the country, leading to closure of export terminals, had died down, CGES says. Oil productionin the country, according to its estimates, increased from 1.4 million bpd in July to 1.45 million bpd in August.
However, CGES believes OPEC's higher production does not seem to offer the panacea the oil market has been looking for, since prices remain stubbornly above $110 per barrel.