Oil production from the Organization of Petroleum Exporting Countries (OPEC) rose in July, despite supply shortfalls from Libya, Iran and Saudi Arabia, while rising output from Nigeria, Kuwait and the UAE offset the drops.
OPEC production averaged 32.32 million barrels per day (bpd) in July, 40,700 higher than June, according to the group’s monthly oil market report, based on secondary source figures.
Production from Nigeria, Kuwait and the UAE offset the drops elsewhere. Kuwait ramped up its output by 78,500 to 2.8 million bpd last month, Nigeria by 70,500 to 1.67 million bpd, and the UAE by 69,200 to 2.96 million bpd.
Meanwhile, production fell by 57,000 to 600,000 bpd in Libya, by 53,000 to 10.39 million bpd in Saudi Arabia, with output from Venezuela dropping by 48,000 to 1.28 million bpd, according to OPEC.