According to five secondary sources, total OPEC-14 crude oil production averaged 32.87 million barrels per day (b/d) in July, an increase of 173,000 b/d over the previous month, the cartel said in its August Oil Market Report.
Crude oil output increased mostly in Libya (+154,300 b/d), Nigeria (+34,300 b/d), and Saudi Arabia (+31,800 b/d), while production showed declines in Iraq (-33,100 b/d), Angola (-19,300 b/d) and Venezuela (15,800 b/d).
“Demand for OPEC crude in 2017 is estimated to stand at 32.4 million b/d, some 0.4 million b/d higher than the 2016 level. In 2018, demand for OPEC crude is forecast at 32.4 million b/d, at the same level as in 2017,” said the report.
On May 25, OPEC member countries and non-OPEC parties, Azerbaijan, Kingdom of Bahrain, Brunei Darussalam, Kazakhstan, Malaysia, Mexico, Sultanate of Oman, the Russian Federation, Republic of Sudan, and the Republic of South Sudan agreed to extend the production adjustments for a further period of nine months, with effect from July 1, 2017.
The reductions will be on the same terms as those agreed in November.