Crude oil production by members of the Organisation of Petroleum Exporting
Countries (OPEC) hit an eight-year low in July as a further voluntary cut
by Saudi Arabia deepened losses caused by United States’ sanctions on Iran and
outages elsewhere in the group, a Reuters survey found.
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The 14-member OPEC pumped 29.42 million
barrels per day in July, the survey showed, down 280,000 bpd from June’s
revised figure and the lowest OPEC total since 2011. The survey suggests Saudi
Arabia is sticking to its plan of voluntarily restraining output by more than
called for by an OPEC-led supply deal to support the market. OPEC renewed the
supply pact in July, shrugging off pressure from US President Donald Trump to
pump more.
Despite lower OPEC supplies, crude oil
has fallen from a 2019 high above $75 a barrel in April to $65 on Wednesday,
weighed down by concern about slowing economic growth. “Bulging
global oil stocks have failed to decline and the market remains well supplied,”
said Stephen Brennock of PVM Oil Futures Limited, despite the
OPEC-led cuts.
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OPEC, Russia and other non-members,
known as OPEC+, agreed in December
to reduce supply by 1.2 million bpd from January 1 this year. OPEC’s share of
the cut is 800,000 bpd, to be delivered by 11 members and exempting Iran, Libya and Venezuela.
In July, the 11 OPEC members bound by
the agreement, which now runs until March 2020, achieved 163 per cent of
pledged cuts, the survey found. All three exempt producers also pumped less
oil. The biggest supply drop came from Saudi Arabia, which has cut supply even
further below its OPEC target in a bid to reduce oil inventories. The survey
pegged Saudi production at 9.65 million bpd, down from its quota of 10.311 bpd.
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The US reimposed sanctions on Iran in
November after pulling out of a 2015 nuclear accord between Tehran and six
world powers. In bid to cut Iran’s sales to zero, Washington in May ended
sanctions waivers for importers of Iranian oil. Iran’s crude exports declined
to as little as 100,000 bpd in July, according to tanker data and an industry
source, from more than 2.5 million bpd in April 2018.
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In Venezuela, supply fell slightly due
to the impact of a power blackout, US sanctions on state oil company PDVSA and
a long-term decline in production, according to the survey. “There was a blackout on July 22 which the various fields
were slow to recover from,” said an industry source who tracks
Venezuelan output. Libyan production dropped due to a stoppage at the Sharara
oilfield, the country’s largest.
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Output fell in Nigeria, but Africa’s
largest exporter, which is seeking a higher OPEC quota, continued to produce
above its target by the largest margin. Among countries with higher output,
Gulf producers Kuwait and the United Arab Emirates both raised supply while
remaining below their OPEC targets.
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July output is the lowest by OPEC since
2011, excluding membership changes that have taken place since then, Reuters
surveys show. The Reuters survey aims to track supply to the market and is
based on shipping data provided by external sources, Refinitiv Eikon flows data
and information provided by sources at oil companies, OPEC and consulting
firms. (Punch)
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