OPEC's oil output is likely in August to reach its highest in recent history, a Reuters survey found on Wednesday, as extra barrels from Saudi Arabia and other Gulf members make up for losses in Nigeria and Libya.

 

Supply from the Organization of the Petroleum Exporting Countries has risen to 33.50 million barrels per day (bpd) from a revised 33.46 million bpd in July, according to the survey based on shipping data and information from industry sources.

The gain could add to scepticism about renewed OPEC talk of freezing output to support prices. Oil has risen towards $48 a barrel from $42 at the start of August, helped by such speculation, but these hopes have waned in recent days.

"OPEC does not really want to freeze production," said Olivier Jakob, oil analyst at Petromatrix. "But it dreams of freezing prices at current levels. 

                                          The membership changes have skewed historical comparisons. August's supply from OPEC excluding Gabon and Indonesia, at 32.54 million bpd, is the highest in Reuters survey records starting in 1997.In August, Saudi Arabia is expected at least to match July's record of 10.67 million bpd, sources in the survey said. Other industry sources told Reuters a new record as high as 10.90 million bpd was possible in August.

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