• 4 minutes Energy Armageddon
  • 6 minutes "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 12 minutes "Europe’s Energy Crisis Has Ended Its Era Of Abundance" by Irina Slav
  • 23 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 53 mins Is Europe heading for winter of discontent with extensive gas shortages?
  • 3 hours "False Flag Planted In Nord Stream Pipeline, GFANZ, Gore, Carney, Net Zero, U.S. Banks, Fake Meat, and more" - NEWS in 28 minutes
  • 5 days Wind droughts
  • 2 days Kazakhstan Is Defying Russia and Has the Support of China. China is Using Russia's Weakness to Expand Its Own Influence.
  • 8 days "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 8 hours ""Green" Energy Is a Scam. It Isn't MEANT to Work." - By James Corbett of The Corbett Report
  • 22 hours Xi Is Set To Be Re-Elected As China’s Leader
  • 6 days Oil Prices Fall After Fed Raises Rates
  • 8 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 2 days 87,000 new IRS agents, higher taxes, and a massive green energy slush fund... "Here Are The Winners And Losers In The 'Inflation Reduction Act'"-ZeroHedge
  • 11 days Beware the Left's 'Degrowth' Movement (i.e. why Covid-19 is Good)
  • 14 days The Federal Reserve and Money...Aspects which are not widely known

Reuters Survey Shows 310,000 Bpd OPEC Output Increase

A Reuters survey on Monday showed that OPEC produced 310,000 bpd more in July to fill in the gaps from reduced production in Nigeria and the force majeure in Libya, which has since been lifted. 

OPEC produced 28.98 million bpd in July in total, according to the Reuters survey, which represents an increase of 310,000 bpd in July compared to the revised output figures for June. 

That figure indicates that OPEC members met 60% of the production increase deal made through OPEC+, which includes Russia.

The survey also noted that around 240,000 bpd of that 310,000 bpd increase came from the 10 members of OPEC, with Saudi Arabia accounting for 150,000 bpd of that total, which still falls short of the Kingdom’s production targets. 

The UAE, Kuwait and Iraq also increased output, based on the Reuters survey.  

The 310,000-bpd increase still falls short of the 412,000-bpd increase pledged by OPEC+. The cartel is presently in the process of phasing out output cuts implemented due to the COVID pandemic in 2020; however, many members are struggling to meet the quota requirements set forth in the deal. 

The survey comes ahead of an planned August 3rd meeting of OPEC+, which is again not expected to deliver an announcement of a new production hike, despite ongoing efforts in Washington to lobby for an output increase to bring oil prices down. 

The survey also comes as Libya has lifted force majeure on its oil production and exports, with the Oil Ministry and the National Oil Company (NOC) now saying that production has reached 1.2 million bpd–the level it was at prior to the declaration of force majeure in April. 

The Saudis were also filling in production gaps coming from Nigeria, which saw a 70,000-bpd decline in production due to outages and scheduled maintenance. 

The survey also comes shortly after U.S. President Joe Biden’s visit to Saudi Arabia, which failed to secure any deal to increase OPEC production in a bid to tame surging crude prices. 

By Charles Kennedy for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News