So say PetroLogistics in their latest report 21 July

  • OPEC 14 supply is expected to exceed 33mln bpd in July
  • increase driven by higher supply in Saudi Arabia, UAE and Nigeria

The firm is one of many that tracks OPEC supply and this latest f/cast suggests lower compliance with the OPEC/non-OPEC oil output deal.

Compliance has been relatively high up until now but undermined by output from Libya and Nigeria who are exempt from the output cut requirements.

Oil prices falling further helped by this latest news with WTI posting $48.80 from $49.60 retreating further from its $50+ highs yesterday,

WTI Crude