OPEC oil output rises in August 2009

OPEC oil supply rose in August for a fourth consecutive month due to higher output from Saudi Arabia, Nigeria and Venezuela, a Reuters survey showed on Tuesday.

Supply from the 11 members of the Organization of the Petroleum Exporting Countries bound by output targets rose to 26.20 million barrels per day (bpd) from 26.11 million bpd in July, according to the survey of oil firms, OPEC officials and analysts.

OPEC has agreed to reduce supply by a total of 4.2 million bpd since September 2008. Supply was 1.36 million bpd higher in August than the implied target for the OPEC 11 of 24.84 million bpd, meaning the group lowered output by 2.84 million bpd of the promised curbs.

That gives a 68 percent compliance rate, down from a revised 70 percent in July. OPEC pumps more than a third of the world's oil.