OPEC output climbed 173,000 b/d in July

Total crude oil production from the Organization of Petroleum Exporting Countries increased 173,000 b/d month-over-month in July to average 32.87 million b/d, according to five secondary sources used in the cartel’s August Monthly Oil Market Report.

Content Dam Ogj Online Articles 2017 08 Aug Opec Omr Output

Total crude oil production from the Organization of Petroleum Exporting Countries increased 173,000 b/d month-over-month in July to average 32.87 million b/d, according to five secondary sources used in the cartel’s August Monthly Oil Market Report.

Preliminary data indicate that global oil supply increased 170,000 b/d month-over-month in July to average 97.3 million b/d.

Libya output gained 154,000 b/d from June to just more than 1 million b/d. Nigeria rose 34,300 b/d to 1.75 million b/d. Both countries were exempted from the deal by OPEC and certain non-OPEC members to collectively curb output, but Nigeria recently agreed to cap its output at 1.8 million b/d.

Saudi Arabia, the leader of the output curtailment deal, lifted its output by 31,800 b/d from June to 10.07 million b/d. Smaller increases were also seen from Iran, Equatorial Guinea, Ecuador, Gabon, and Qatar.

Production from Iraq fell 33,100 b/d from June to 4.47 million b/d. Angola dropped 19,300 b/d to 1.65 million b/d. Venezuela declined 15,800 b/d to 1.93 million b/d. Smaller decreases were seen from Kuwait, UAE, and Algeria.

Content Dam Ogj Online Articles 2017 08 Aug Opec Omr Output

OPEC said non-OPEC supply rose 520,000 b/d in July to average 64.49 million b/d, mainly driven by Canada, Norway, the US, OPEC NGLs, Ghana, Colombia, Brunei, and Congo, which partially offset declines in the UK, China, Mexico, and Azerbaijan.

OPEC revised down forecast non-OPEC oil supply growth for 2017 by 28,000 b/d to 780,000 b/d, representing total non-OPEC supply of 57.77 million b/d.

Global oil demand is projected to average 96.49 million b/d in 2017, with demand growth expected at 1.37 million b/d following an upward revision of 100,000 b/d mainly reflecting better-than-expected second-quarter data from regions in the Organization for Economic Cooperation and Development, OPEC says.

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