OPEC crude production jumps 1.7M bpd in July
Baku, August 13, AZERTAC
Crude oil production by the Organization of the Petroleum Exporting Countries (OPEC) rebounded in July, rising by around 1.7 million barrels per day (bpd) from the previous month, according to Anadolu Agency.
In July, OPEC's total output stood at about 23.6 million bpd, according to the group's latest Monthly Oil Market Report on Wednesday.
Iraq posted the largest monthly increase, with output rising by 665,000 bpd to around 2.62 million bpd.
Saudi Arabia's production climbed by 590,000 bpd to 7.35 million bpd, while Kuwait increased output by 393,000 bpd to 1.85 million bpd.
Production also rose in Libya, Iran, Venezuela, Equatorial Guinea and Algeria. Output increased by 40,000 bpd in Libya, 26,000 bpd in Iran, 13,000 bpd in Venezuela, 10,000 bpd in Equatorial Guinea and 8,000 bpd in Algeria.
The largest decline came from Nigeria, whose production fell by 37,000 bpd to around 1.55 million bpd, while production in UAE declined by 30,000 bpd to around 3.78 million bpd.
Gabon's production fell by 14,000 bpd to 207,000 bpd and Congo's output slipped by 4,000 bpd to 274,000 bpd.
Crude oil production by the OPEC+ alliance, which includes OPEC members and several non-OPEC producers also rose in July despite ongoing conflict in the region, the closure of the Strait of Hormuz and disruptions to Gulf exports.
The group's output increased by about 1.42 million barrels per day in July to average 37.66 million bpd.
OPEC slightly lowered its 2026 demand growth forecast while raising its 2027 outlook, although both projections continue to point to solid demand growth.
The group expects global oil demand to increase by 580,000 barrels per day (bpd) year-over-year to average 105.74 million bpd.
Demand in non-OECD countries is projected to rise by 610,000 bpd to 59.82 million bpd, while demand in OECD countries is expected to decrease by 40,000 bpd to 45.91 million bpd.
For 2027, OPEC forecasts global oil demand will grow by a further 2.2 million bpd to average about 107.90 million bpd.
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