The Organisation of Petroleum Exportig Countries (OPEC’s) crude oil
production fell by another 246,000 barrels per day (bpd) last month compared to
June.
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According to secondary sources in
OPEC’s closely watched Monthly Oil Market Report published at the weekend,
total OPEC crude oil production averaged 29.61 million bpd in July, down by
nearly 250,000 bpd from June, and driven by lower output in Saudi Arabia,
Nigeria, Iran, Libya and Venezuela.
Iraq and Algeria recorded the largest
production increases, OPEC’s secondary sources estimates showed.
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The July crude production of the cartel
members is a multi-year low, and close to the 29.42 million bpd production
estimate in the monthly Reuters survey, which noted that OPEC’s production was
at an eight-year low last month.
Saudi Arabia, keen to restrain oil
price slides amid a markedly bearish market sentiment, deepened its already
deep cuts, slashing another 134,000 bpd to have its July production average
9.698 million bpd, OPEC’s report showed. The Saudis have vowed to keep
production well below 10 million bpd—although their quota is 10.3 million
bpd—and exports at below 7 million bpd, aiming to tighten the market as demand
growth weakens with gloomy macroeconomic prospects.
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Iran and Venezuela, both under United
States’ sanctions, also saw their production down. Iranian production declined
by 47,000 bpd from June to 2.213 million bpd in July, and Venezuela’s output
dropped by 32,000 bpd to 742,000 bpd.
Crude oil production in Libya, one of
the wildest cards in OPEC in terms of production consistency amid security
concerns, fell by 42,000 bpd to 1.078 million bpd last month, after its largest
oil field experienced two outages in two weeks. In the last week of July,
Libya’s production dropped to a five-month low below 1 million bpd, after a
fresh outage at the Sharara oil field.
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Even with OPEC’s falling oil
production, the cartel sees demand for OPEC crude next year even lower than the
July production—at 29.4 million bpd, or 1.3 million bpd lower than the 2018
level.
Commenting on the oil market and
macroeconomic developments, OPEC said in its report: “While the outlook
for market fundamentals seems somewhat bearish for the rest of the year, given
softening economic growth, ongoing global trade issues and slowing oil demand
growth, it remains critical to closely monitor the supply/demand balance and
assist market stability in the months ahead.” (Nation)
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