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Global Crude Output Drops as OPEC'S Compliance Rises
On the supply side, global oil output fell in August for the first time in 4 months, by 0.72M b/d. OPEC'S August crude output fell for the first time in 5 months by 0.21M b/d to 32.67M b/d, due to increased compliance by members and the turmoil in Libya. The 12 OPEC members had a combined compliance of 82% in August, which compares to July's 75%. As a result of output declines and stronger demand, global oil stocks are beginning to rebalance, according to the IEA.