• 6 minutes Trump vs. MbS
  • 11 minutes Can the World Survive without Saudi Oil?
  • 15 minutes WTI @ $75.75, headed for $64 - 67
  • 34 mins Satellite Moons to Replace Streetlamps?!
  • 16 hours US top CEO's are spending their own money on the midterm elections
  • 2 hours EU to Splash Billions on Battery Factories
  • 2 hours U.S. Shale Oil Debt: Deep the Denial
  • 2 hours The Balkans Are Coming Apart at the Seams Again
  • 18 hours OPEC Is Struggling To Deliver On Increased Output Pledge
  • 24 hours Petrol versus EV
  • 2 hours The Dirt on Clean Electric Cars
  • 14 hours Uber IPO Proposals Value Company at $120 Billion
  • 19 hours U.N. About Climate Change: World Must Take 'Unprecedented' Steps To Avert Worst Effects
  • 4 hours 47 Oil & Gas Projects Expected to Start in SE Asia between 2018 & 2025
  • 16 hours A $2 Trillion Saudi Aramco IPO Keeps Getting Less Realistic
  • 21 hours 10 Incredible Facts about U.S. LNG
Alt Text

High Prices Benefit Iran Despite Lost Oil Exports

Iranian Vice President Eshaq Jahagiri…

Alt Text

Libya And Nigeria Lead OPEC Production Boost

OPEC ramped up crude oil…

Alt Text

Large Crude Build Forces Oil Prices Lower

Oil prices slipped on Wednesday…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for the U.S.-based Divergente LLC consulting firm with over a decade of experience writing for news outlets such as iNVEZZ and…

More Info

Trending Discussions

OPEC Oil Production Surges 340,000 Bpd As Saudis Pump Near Record

OPEC

OPEC’s crude oil production jumped by 340,000 bpd in July from June, as the cartel’s leader Saudi Arabia pumped near-record volumes and the close Saudi allies in the Gulf boosted production to their largest in a year and a half, the latest monthly S&P Global Platts survey showed on Friday.

Last month, OPEC produced an average of 32.66 million bpd of crude oil, including production from its newest member the Republic of Congo, the survey of shipping data, industry officials, and analysts found.

The biggest OPEC producer, Saudi Arabia, pumped 10.63 million bpd in July, up by 240,000 bpd from June and its highest level since its record of 10.66 million bpd from August 2016, according to Platts survey archives.

The Saudi allies Kuwait and the United Arab Emirates (UAE) boosted their production as well, to the highest since December 2016, just before the OPEC+ production pact entered into force. Kuwait pumped 2.78 million bpd and the UAE produced 2.97 million bpd in July. Iraq and Algeria also raised their oil production. The rising production in those countries offset declines in Iran, Venezuela, and Libya.

Iran’s production dropped to 3.72 million bpd in July—its lowest level since January 2017—as buyers from Europe started to wind down purchases ahead of the returning U.S. sanctions in November.

Crisis-stricken Venezuela saw its production plummet for yet another month, by 60,000 bpd to 1.24 million bpd in July. This level is 670,000 bpd lower compared to a year earlier and Venezuela’s lowest production in the 30-year history of the Platts OPEC survey, except when a worker strike in late 2002 and early 2003 temporarily stymied Venezuelan production.

Libya’s production declined 30,000 bpd to 670,000 bpd—its lowest since April 2017, after a militia blockade at its eastern ports that had blocked production and exports was resolved on July 11, when the country reopened the oil ports in its Oil Crescent.

Earlier this week, a Reuters survey showed that OPEC’s crude oil production rose by 70,000 bpd from June to stand at 32.64 million bpd in July—the highest production level so far this year.  

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:


x


Back to homepage

Trending Discussions


Leave a comment
  • Citymoments on August 04 2018 said:
    With all due respects to the madame author, I like to point out a very obvious error she made in her claim regarding the July OPEC production volume survey: In her closing remark, she concludes, that the July OPEC PRODUCTION survey indicates OPEC JULY production reached the highest so far this year. She overlooked one important fact - OPEC had a new number in July, therefore, the rightful comparison should be made after the new member’s production volume is excluded.

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News