Talk About The "Red Queen" --

Bloomberg is reporting:

OPEC produced 0.8 percent less crude oil in August due to declining Libyan output, even as Saudi Arabia pumped the most in 32 years, the International Energy Agency said.

The 12 members of the Organization of Petroleum Exporting Countries produced 30.51 million barrels a day last month ....

Libya’s output fell to an average of 550,000 barrels in August from 1 million barrels in July, according to the report. Saudi Arabia, OPEC’s biggest producer, pumped 10.19 million barrels a day, up 190,000 barrels from July, the IEA said.

“OPEC crude oil supplies turned lower again in August with a sharp downturn in Libyan production only partially offset by near-record output from Saudi Arabia,” the IEA said.

Iraqi crude production rose to 3.17 million barrels a day in August from a revised estimate of 3.06 million barrels in the previous month, the IEA said. Total Iraqi exports rose about 165,000 barrels a day to 2.47 million barrels a day, “with southern shipments exceptionally robust while northern volumes remained constrained,” it said.

The 550,000 bopd is the output from that country, not the exports. I believe exports were considerably lower, but I could be wrong.

The "Red Queen" effect: producing as much as possible just to maintain. The "Red Queen" went viral with an essay on The Oil Drum regarding the Bakken. The Oil Drum  has called it quits. So has a Bakken discussion group except for three founding members, TR&E.