[OIL PRODUCTION] OPEC-12 pumped an average of 32.77 million barrels per day (bpd) of crude oil in July
An increase of 300,000 bpd on collective production. Platts, the world's leading provider of energy information, said in its latest report that the OPEC-12, excluding Iraq, exceeded their 29.673 million bpd target by 637,000 bpd. An increase in the daily production of 390,000 bpd by Saudi Arabia, Iran, Nigeria and Kuwait was said to be offset by shortfalls in Libyan and Iraqi outputs.
The biggest increase in OPEC production came from Saudi Arabia which increased output from 9.45 million bpd to 9.7 bpd as it had pledged to do. Nigeria increased its crude oil output by 100,000 bpd in July to an average of 1.9 million bpd.
Libyan output volume, which had declined in May and June because of repair work on Total’s al-Jurf field, decreased further in July after maintenance work commenced on the Waha-Defa oil pipeline.
Iraqi crude production was down by 30,000 bpd in July to 2.46 million bpd.
“It’s notable that suddenly, with output rising, OPEC officials are concerned about adherence to quotas and oversupply,” said Platts Global Director of Oil John Kingston.
“However, as we look toward the fourth quarter of the year, barring a more significant decline in demand, the world is going to need OPEC oil to avoid a larger inventory draw than is normal for the fourth quarter. Pulling inventories at that rate would be very bullish for prices.”