Energy OPEC oil output rose in July on a rebound in Saudi supplies and small increases elsewhere, a Reuters survey showed on Friday, offsetting the impact of ongoing voluntary supply cuts from other members and the wider OPEC+ alliance.
The survey, based on shipping data and information from oil industry sources, showed that OPEC pumped 26.70 million barrels per day last month, up 100,000 bpd from June.
The increase comes despite the OPEC+ alliance, which includes OPEC and allies including Russia, maintaining most production cuts until the end of 2025 to support the market in the face of tepid demand growth, rising interest rates and increased US production.
A meeting of senior OPEC+ ministers on Thursday left oil production policy unchanged, including a plan to start unwinding a tranche of output cuts from October.
The ministers stressed that this increase could be temporarily halted or reversed if necessary.
The survey found that Saudi Arabia provided the biggest boost to supplies last month, by 70,000 barrels per day, as exports rebounded from June when they were lower than expected. Output reached 9 million barrels per day in July, close to the kingdom’s target.
The survey showed that Nigeria recorded the largest decline of 30,000 barrels per day, with exports declining on a monthly basis.
Libya and Iran, two members not required to cut output, along with Iraq, recorded slight increases. The survey found that Iranian output reached 3.22 million barrels per day, the highest since 2018, according to Reuters surveys.
Iran has boosted its exports in recent years despite continued U.S. sanctions. Iraq’s output has risen as exports have increased month-on-month, oil flow data and a tanker-tracking source showed.
The survey also said that OPEC exceeded the target assumed for the nine countries covered by the supply reduction agreements by about 240 thousand barrels per day, and that Iraq still represents the largest part of the excess production.
The Reuters survey aims to track supply to the market and is based on shipping data provided by external sources, flows data from the London Stock Exchange Group, information from firms that track flows, such as Petro-Logistics and Kpler, and information provided by sources at oil companies, OPEC and consultants. 165 views 2024/08/03 https://economy-news.net/content.php?id=45861
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