Crude output rose in July - OPEC report

Author: Nick Bovell | Category: News

The July OPEC report saw crude production rise.

  • OPEC Crude Oil Production In July Rose 0.173 Mbd To An Average Of 32.87 Mbd - Secondary Sources.
  • Saudi Arabia Crude Oil Production In July Rose 0.032 Mbd From June To 10.07mbd In July
  • Crude Oil Output Increased Mostly In Libya, Nigeria, And Saudi Arabia, While Production Slowed Declines In Iraq, Angola And Venezuela
  • Global Oil Supply Rose 0.17 Mbd In July To Average 97.30 Mbd
  • Global Oil Demand Is Still Forecast To Rise By 1.37mbd In 2H17
  • 2017 Demand For OPEC Crude Seen At 32.4 Mbd, Around 0.4 Mbd Higher Than Last Year
  • For 2017, Non-OPEC Oil Supply Is Now Projected To Rise By 0.78 Mbd To Average 57.77 Mbd In July Versus 57.82 Mbd Estimated In June, Down By 0.05 Mbd From June
  • US Crude Oil Imports In July Increased By 0.033 Mbd To Average 8mbd Versus The Average 7.9mbd Seen In June
  • The OPEC Reference Basket (ORB) Averaged $46.93/B In July Representing A Gain Of 4% From June.
  • YTD The OPEC Reference Basket Was Almost 34% Higher At $49.75/B

Full report here.

WTI drifting around $50 per barrel.