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2017-08-14 14:25:00

OPEC OIL PRODUCTION UP 173 TBD

OPEC OIL PRODUCTION UP 173 TBD

OGJTotal 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.

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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Earlier:

OIL OUTPUT CONSENSUS

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2017-07-24 Read more »

 

MARKET WILL BE BETTER

... o the five-year average thanks to the decision by OPEC and its allies to extend supply curbs from the first half of 2017 to the first quarter of 2018. ...
2017-07-07 Read more »

 

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2017-07-07 Read more »

 

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OPEC OIL PRODUCTION UP: 32.12 MBD

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2017-06-08 Read more »

 

BAD NEWS FOR OPEC

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2017-06-05 Read more »

 

OIL PRICES ANALYSIS

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2017-05-30 Read more »

 

 

 

Tags: OPEC, OIL, PRODUCTION

Chronicle:

OPEC OIL PRODUCTION UP 173 TBD
2017, December, 18, 12:20:00

AUSTRALIA STOPS COAL

PLATTS - National Australia Bank announced Thursday it will no longer provide financing for new thermal coal projects.

OPEC OIL PRODUCTION UP 173 TBD
2017, December, 18, 12:15:00

EXXON - PETROBRAS ALLIANCE

Petrobras and ExxonMobil signed a memorandum of understanding regarding a strategic alliance to jointly identify and evaluate potential business opportunities.

OPEC OIL PRODUCTION UP 173 TBD
2017, December, 18, 12:10:00

EXXON BOUGHT MOZAMBIQUE

ExxonMobil Development Africa B.V. has acquired a 25 percent indirect interest in Mozambique’s gas-rich Area 4 block from Eni and assume responsibility for midstream operations.

OPEC OIL PRODUCTION UP 173 TBD
2017, December, 18, 12:05:00

U.S. RIGS DOWN 1 TO 930

U.S. Rig Count is down 1 rig from last week to 930, with oil rigs down 4 to 747, gas rigs up 3 to 183, and miscellaneous rigs unchanged. Canada Rig Count is up 19 rigs from last week to 238, with oil rigs up 22 to 134 and gas rigs down 3 to 104.

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