Energy Diplomacy
OPEC raises oil output in July
- OPEC's crude oil share of total global production reaches 33.8 percent in July

OPEC's crude oil production increased by 173 thousand barrels per day (b/d) to 32.87 million b/d in July, according to the organization's Thursday report.

In July, output in non-OPEC countries reached 64.49 million barrels per day (mb/d), up 520 thousand b/d from June levels.

With the increase in OPEC and non-OPEC output, the global oil supply rose by 170 thousand b/d to average 97.3 million b/d in July.

"The share of OPEC crude oil in total global production slightly decreased by 0.1 percent to total 33.8 percent in July compared with 33.9 percent in June," OPEC said.

According to the organization, crude oil output increased the most in Libya, Nigeria, and Saudi Arabia last month while production showed declines in Iraq, Angola and Venezuela.

Libya raised its production level by 154 thousand b/d, while the largest producer Saudi Arabia increased its output capacity by 32 thousand b/d to 10.67 million b/d in July. Production in struggling Venezuela dropped by 1 thousand b/d to 1.93 mb/d.

In 2018, "demand for OPEC crude is forecast at 32.4 mb/d, at the same level as in 2017," OPEC said.

In 2018, global oil demand is projected to rise by 1.28 million b/d to around 97.77 million b/d, according to the organization.

Non-OPEC oil supply is projected to rise by 1.10 mb/d to average 58.87 mb/d in 2018.

By Zeynep Beyza Kilic

Anadolu Agency


10 Aug,2017