OPEC Output Disrupted

OPEC Output Disrupted

OPEC’s crude oil output was disrupted in July by militant attacks in Nigeria and political disputes in Libya, according to a Bloomberg News survey. Output from the 13 established members of the Organization of Petroleum Exporting Countries, excluding new entrant Gabon, fell by 80,000 barrels per day last month, a Bloomberg survey of analysts, oil companies and ship-tracking data showed. Nigeria led the decline with a 70,000-bpd monthly drop to 1.52 million bpd, while Libya and Saudi Arabia reduced output by 20,000 and 40,000 bpd, respectively. Total production in July increased to 33.24 million bpd from 33.11 million barrels the prior month. Nigeria has also suffered steep crude output losses this year as militant attacks targeted oil infrastructure. Production in May fell to the lowest level in more than 27 years. While output recovered in June, it fell again in July following the disruption of supplies to the Qua Iboe terminal, which shipped an average of 342,000 bpd last year.


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