• 4 minutes China 2019 - Orwell was 35 years out
  • 7 minutes Wonders of US Shale: US Shale Benefits: The U.S. leads global petroleum and natural gas production with record growth in 2018
  • 11 minutes Trump will capitulate on the trade war
  • 14 minutes Glory to Hong Kong
  • 5 hours PETROLEUM for humanity 
  • 5 hours Why don't the other GOP candidates get mention?
  • 5 hours Disenfranchised people are angry people - map of global electoral systems
  • 40 mins Yesterday Angela Merkel stopped Trump technology war on China – the moral of the story is do not eavesdrop on ladies with high ethical standards
  • 6 mins China's Blueprint For Global Power
  • 4 hours Brexit agreement
  • 4 hours Bloomberg: shale slowing. Third wave of shale coming.
  • 12 hours ABC of Brexit, economy wise, where to find sites, links to articles ?
  • 14 hours Erdogan Holds All The Cards ... 3.6 Million Of Them
  • 10 hours Spain Is On The Edge...Clashes Between Catalonia And "Madrid"
  • 11 hours 5 Tweets That Change The World?
  • 12 hours Philadelphia Energy Solutions seeks to permanently shut oil refinery - sources
Alt Text

Saudi Revenge? Iran Reports Oil Tanker Explosion

Oil prices jumped early on…

Alt Text

The Cheapest Oil Ever Sold

If history tells us anything,…

Irina Slav

Irina Slav

Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.

More Info

Premium Content

Oil Glut Endures As OPEC Confirms Higher Output

OPEC confirmed reports that its crude oil production increase last month, reporting a daily rate of 32.869 million barrels, up by 172,600 bpd. Global commercial oil stocks in the OECD block stood at 3.033 million barrels, still above the five-year average by 252,000 barrels.

Libya, Nigeria, and Saudi Arabia were the main drivers behind the OPEC production increase, with Libya raising its output by 154,300 bpd – by far the biggest increase among the cartel’s members.

Nigerian oil production rose by 34,300 bpd to 1.748 million bpd, while Saudi Arabia’s went up by 31,800 bpd to 10.067 million bpd.

On the other hand, OPEC reported, based on secondary sources, Iraqi oil output fell by 33,100 bpd ion July, the biggest decline among OPEC members. The second-largest decline came from Angola, whose production fell by 19,300 bpd, and Venezuela’s output dropped by 15,800 bpd.

As for non-OPEC supply, the cartel revised its growth forecast for full-2017 to 780,000 bpd, down 28,000 bpd on the back of slower production growth in the Americas during the second quarter of the year. Total non-OPEC production of crude for this year is seen at 57.77 million bpd. The main drivers behind the increase will be the U.S., Canada, and Brazil, OPEC said, adding that their output will compensate for production declines in Mexico, China, and Colombia, among others. Related: Did BP Just Unlock A New Major Shale Gas Basin?

On the demand side, OPEC revised its full-2017 growth forecast by 100,000 bpd to 1.37 million bpd, thanks to stronger demand data for the second quarter of the year. Total global demand for this year is estimated at 96.49 million barrels daily.

Demand growth for 2018 is seen at 1.28 million barrels, with overall consumption of crude estimated at 97.77 million bpd. The bulk of the demand growth will come from non-OECD countries, which will account for 1.07 million bpd, while OECD countries will contribute 210,000 bpd.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage



Leave a comment
  • Mark Taylor on August 10 2017 said:
    Oil Glut Endures? Are you not seeing after 18 weeks, inventory is down 58.246 mil brls? Last year, same period, down only 6.296 mil. This is bullish!

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play