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OPEC Output Surges to 32.6 Million bpd in July
OPEC Output Surges to 32.6 Million bpd in July

OPEC Output Surges to 32.6 Million bpd in July

OPEC Output Surges to 32.6 Million bpd in July

Saudi Arabia pumped close to its all-time high in July and several of its OPEC brethren posted their largest crude oil output figures in more than a year and a half, as the bloc appears to be following through on its agreement to unleash more barrels on the market.

OPEC produced 32.66 million barrels per day in July, a 340,000-bpd rise from June, including the newest member, the Republic of Congo, according to the latest S&P Global Platts survey of industry officials, analysts and shipping data.

Saudi Arabia produced 10.63 million bpd, the country's highest since August 2016, when it produced its record 10.66 million bpd, according to Platts survey archives.

Its Persian Gulf allies Kuwait and the UAE pushed their output to their most since December 2016—the last month before OPEC and 10 non-OPEC allies agreed to implement supply cuts that are now being eased—as did Iraq and Algeria, the survey found.

OPEC on June 23 agreed with its partners to boost output by a collective 1 million bpd. Its July compliance among the 12 members with specified quotas stands at 105%, down from 131% in June, according to Platts calculations.

Iran saw its production fall to 3.72 million bpd in July—lowest since January 2017.

Venezuela, suffering from a crushing debt, crumbling infrastructure, worker unrest, hyperinflation and US sanctions, continued its output slide to 1.24 million bpd, a 670,000-bpd drop in a year and the lowest in the 30-year history of the Platts OPEC survey, except a debilitating worker strike in late 2002 and early 2003.

Libya's output dropped 30,000 bpd month-on-month to 670,000 bpd, its lowest since April 2017, the survey found.

Angola's production remained steady at 1.45 million bpd in July, a 190,000 bpd year-on-year decline, according to the survey, as its mature fields continued to deplete. But the African country should see its production rebound in the coming months with the offshore Kaombo field beginning production in late July.

The Platts OPEC figures were compiled by surveying OPEC and oil industry officials, traders and analysts, as well as reviewing proprietary shipping data.

 

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