• 1 day PDVSA Booted From Caribbean Terminal Over Unpaid Bills
  • 2 days Russia Warns Ukraine Against Recovering Oil Off The Coast Of Crimea
  • 2 days Syrian Rebels Relinquish Control Of Major Gas Field
  • 2 days Schlumberger Warns Of Moderating Investment In North America
  • 2 days Oil Prices Set For Weekly Loss As Profit Taking Trumps Mideast Tensions
  • 2 days Energy Regulators Look To Guard Grid From Cyberattacks
  • 2 days Mexico Says OPEC Has Not Approached It For Deal Extension
  • 2 days New Video Game Targets Oil Infrastructure
  • 2 days Shell Restarts Bonny Light Exports
  • 2 days Russia’s Rosneft To Take Majority In Kurdish Oil Pipeline
  • 2 days Iraq Struggles To Replace Damaged Kirkuk Equipment As Output Falls
  • 2 days British Utility Companies Brace For Major Reforms
  • 3 days Montenegro A ‘Sweet Spot’ Of Untapped Oil, Gas In The Adriatic
  • 3 days Rosneft CEO: Rising U.S. Shale A Downside Risk To Oil Prices
  • 3 days Brazil Could Invite More Bids For Unsold Pre-Salt Oil Blocks
  • 3 days OPEC/Non-OPEC Seek Consensus On Deal Before Nov Summit
  • 3 days London Stock Exchange Boss Defends Push To Win Aramco IPO
  • 3 days Rosneft Signs $400M Deal With Kurdistan
  • 3 days Kinder Morgan Warns About Trans Mountain Delays
  • 3 days India, China, U.S., Complain Of Venezuelan Crude Oil Quality Issues
  • 3 days Kurdish Kirkuk-Ceyhan Crude Oil Flows Plunge To 225,000 Bpd
  • 4 days Russia, Saudis Team Up To Boost Fracking Tech
  • 4 days Conflicting News Spurs Doubt On Aramco IPO
  • 4 days Exxon Starts Production At New Refinery In Texas
  • 4 days Iraq Asks BP To Redevelop Kirkuk Oil Fields
  • 5 days Oil Prices Rise After U.S. API Reports Strong Crude Inventory Draw
  • 5 days Oil Gains Spur Growth In Canada’s Oil Cities
  • 5 days China To Take 5% Of Rosneft’s Output In New Deal
  • 5 days UAE Oil Giant Seeks Partnership For Possible IPO
  • 5 days Planting Trees Could Cut Emissions As Much As Quitting Oil
  • 5 days VW Fails To Secure Critical Commodity For EVs
  • 5 days Enbridge Pipeline Expansion Finally Approved
  • 5 days Iraqi Forces Seize Control Of North Oil Co Fields In Kirkuk
  • 5 days OPEC Oil Deal Compliance Falls To 86%
  • 6 days U.S. Oil Production To Increase in November As Rig Count Falls
  • 6 days Gazprom Neft Unhappy With OPEC-Russia Production Cut Deal
  • 6 days Disputed Venezuelan Vote Could Lead To More Sanctions, Clashes
  • 6 days EU Urges U.S. Congress To Protect Iran Nuclear Deal
  • 6 days Oil Rig Explosion In Louisiana Leaves 7 Injured, 1 Still Missing
  • 6 days Aramco Says No Plans To Shelve IPO
Alt Text

The U.S. Shale Play To Watch In 2018

The original U.S. shale gas…

Alt Text

Oil Prices Rise Amid Falling U.S. Rig Count

Oil prices inched higher on…

Alt Text

OPEC Seeks Help From U.S. Shale

OPEC’s secretary general has asked…

Irina Slav

Irina Slav

Irina is a writer for the U.S.-based Divergente LLC consulting firm with over a decade of experience writing on the oil and gas industry.

More Info

Oil Prices Fall As OPEC Output Hits ‘’Year-To-Date High’’

opec logo

Libya and Nigeria pushed OPEC’s crude oil output in July to the highest this year, at 32.82 million barrels daily, a survey by S&P Platts has revealed. The cartel is reporting its production figures this Thursday.

According to Platts, the combined production of Libya and Nigeria, both exempt from the cuts agreed to last November, went up by 210,000 bpd last month, with Libya pumping about 990,000 bpd and Nigeria producing 1.81 million bpd. Saudi Arabia, according to Platts, pumped 10.05 million bpd in July.

Nigeria has agreed to stop boosting its output once it reaches a steady daily average of 1.8 million bpd, so if the Platts figure is confirmed by external sources in the OPEC Monthly Oil Market Report, the West African producer may move to cap its output. Libya, however, has announced no plans to limit production growth for the time being.

Platts also noted that if the figures, based on tanker tracking data, are true, then OPEC’s output last month had jumped to 920,000 bpd above the nominal production ceiling of 31.9 million bpd the cartel set itself last year. The figures include new member Equatorial Guinea and exclude Indonesia, which left OPEC when it agreed to start cutting production. Related: Is The EIA Exaggerating U.S. Oil Production?

An earlier forecast from Reuters saw OPEC July oil output 90,000 bpd higher than in June, again thanks to higher Libyan production. Reuters, however, pegged Libya’s daily average at over 1 million barrels. Iraq also pumped more in July than in June, Reuters said.

Consultancy PetroLogistics also saw OPEC’s July output higher, by 145,000 bpd, to more than 33 million barrels daily. The figure was forecast to be over 600,000 bpd higher than the first-half OPEC average, the consultancy’s chief executive told Reuters.

The expected increase in the July production would mean that compliance with the cuts within the cartel is slipping, following the almost-perfect scores that OPEC boasted at the beginning of the output cut deal, which has since been extended into March next year.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:




Back to homepage


Leave a comment

Leave a comment




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