2017-08-14 14:25:00
OPEC OIL PRODUCTION UP 173 TBD
OGJ - 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.
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:
... said they are targeting, some market watchers say OPEC and its non-OPEC partners have no choice but to deepen cuts to make up for output gains from exempt Nigeria and Libya, as well as sliding compliance from other members. With prices still languish ...
| 2017-07-24 | Read more » |
... 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 » |
OPEC PRODUCTION UP TO 32.49 MBD OPEC PRODUCTION UP TO 32.49 MBD The Organization of Petroleum Exporting Countries produced 32.49 million b/d in June—an increase of 220,000 b/d from May and representing a 6-month high. The Organization of Petroleum Ex ...
| 2017-07-07 | Read more » |
MORE MONEY FOR OPEC MORE MONEY FOR OPEC OPECs first output cut in eight years has earned the group $1.64 billion a day so far this year, up more than 10 percent from the second half of 2016, according to Reuters calculations based on OPEC figures for ...
| 2017-06-30 | Read more » |
OPEC OIL PRODUCTION UP: 32.12 MBD OPEC OIL PRODUCTION UP: 32.12 MBD OPEC’s crude oil production increased by 270,000 bpd in May over April, to stand at 32.12mn bpd – the highest level since January this year OPEC’s crude oil production increased by 2 ...
| 2017-06-08 | Read more » |
BAD NEWS FOR OPEC BAD NEWS FOR OPEC As oil prices sag despite OPEC’s renewed efforts to shore up world crude markets, Wall Street banks have more bad news for the producer group: the outlook for next year isn’t great either. As oil prices sag despite ...
| 2017-06-05 | Read more » |
... ollowing the U.S. Memorial Day holiday on Monday. OPEC and Russia’s deal to extend output limits through March was initially met with a sell-off as deeper cuts or a plan for the rest of 2018 weren’t proposed. Saudi Arabia’s Energy Minister Khalid Al- ...
| 2017-05-30 | Read more » |
