Crude prices on Friday were below a barrel, compared with 0 a barrel or more before the slump began in 2014. The new data show that total production by the Organization of the Petroleum Exporting Countries fell by about 200,000 barrels a day to 33 million barrels a day in August, its lowest level since May. The data were compiled this week by OPEC and are set to be released officially on Monday. The 14-nation cartel's production was led downward by output declines in Saudi Arabia, the United Arab Emirates, Kuwait and Qatar. Meanwhile, the OPEC officials say, the new data show that Iran's production is stalling out at 3.6 million barrels a day, roughly the same level in August as in May.

Source: Wall Street Journal September 10, 2016 14:26 UTC