Oil Glut Endures As OPEC Confirms Higher Output

11 Aug 2017   OPEC

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 […]

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