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OPEC’s Oil Production Rises But Still Well Below OPEC+ Target

OPEC’s total crude oil production rose by 216,000 barrels per day (bpd) in July compared to June, but combined production from the 10 OPEC members part of the OPEC+ pact continued to lag the targets in the agreement, OPEC’s monthly report showed on Thursday.

Total OPEC-13 crude oil production averaged 28.90 million bpd last month, according to secondary sources in OPEC’s Monthly Oil Market Report. The 10 members in the OPEC+ pact, with Libya, Iran, and Venezuela exempted, pumped just over 25 million bpd in July, figures from OPEC’s secondary sources showed.

To compare, per the OPEC+ deal, the 10 OPEC members with quotas had a collective target crude oil production of 26.276 million bpd. 

As usual and as per the agreement, top OPEC producer Saudi Arabia raised its production the most, by 158,000 bpd to 10.714 million bpd in June. This compares with a Saudi target of 10.833 million bpd. The Kingdom self-reported to OPEC production that was 100,000 bpd higher than secondary sources’ estimates and in line with its quota, 10.815 million bpd.

Elsewhere within OPEC, the United Arab Emirates (UAE) and Kuwait boosted their respective production by nearly 50,000 bpd each, according to secondary sources, and pumped in line with their quotas. Iraq also increased its output, but was below its target.

African producers Nigeria and Angola continued to severely lag behind their quotas amid a lack of investment and capacity. Angola’s production even fell by 19,000 bpd to 1.165 million bpd, compared to a July target of 1.502 million bpd. Nigerian production was nearly flat month over month and averaged 1.183 million bpd in July, according to OPEC’s secondary sources. Nigeria’s target for July was much higher—at 1.799 million bpd.

Earlier this week, an Argus survey found that despite raising its crude oil production in July by 500,000 barrels per day, the OPEC+ group was still well below its collective quota, pumping 2.75 million bpd below targeted output.  

By Tsvetana Paraskova for Oilprice.com

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