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In August, global oil supply fell by 1 million bpd to 86.36 million bpd. OPEC August crude production fell by 200,000 bpd, mainly due to decreased production in Saudi Arabia, Iran and Nigeria. Crude futures began to fall in August, approaching $90 per bbl in early September and remaining around $90 to $100 as of printing. Neither Hurricane Gustav nor Ike caused much fluctuation in the market. According to the IEA, recent hurricane activity in the US Gulf of Mexico resulted in a 1.4 million bpd downward revision to US refinery crude throughput in September, to an average of 13.9 million bpd. International geophysical activity is slightly down in September over August, but up 16% over last year. The largest increases seen in the Middle East, up 70% over last year and the Far East, up 55% over last year.
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