OPEC oil production increases but still well below OPEC+ target

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Total OPEC crude oil production increased by 216,000 barrels per day (bpd) in July compared to June, but the combined production of the 10 OPEC members part of the OPEC + pact continued to be lagging behind the agreement’s targets, OPEC’s monthly report showed on Thursday.

Total OPEC-13 crude oil production averaged 28.90 million bpd last month, according to secondary sources in the OPEC Monthly Oil Market Report. The 10 members of the OPEC+ pact, with Libya, Iran and Venezuela exempted, pumped just over 25 million bpd in July, according to figures from secondary OPEC sources.

For comparison, under the OPEC+ deal, the 10 OPEC members with quotas had a collective crude oil production target of 26.276 million bpd.

As usual and in line with the agreement, Saudi Arabia, OPEC’s top producer, increased production the most, by 158,000 bpd to 10.714 million bpd in June. This compares to a Saudi target of 10.833 million bpd. The Kingdom told OPEC that production was 100,000 bpd higher than secondary source estimates and in line with its quota, 10.815 million bpd.

Elsewhere in OPEC, the United Arab Emirates (UAE) and Kuwait increased their respective production by almost 50,000 bpd each, according to secondary sources, and pumped in line with their quotas. Iraq also increased its production, but below its target.

African producers Nigeria and Angola continued to lag far behind their quotas due to a lack of investment and capacity. Angola’s production even fell by 19,000 bpd to 1.165 million bpd, against a July target of 1.502 million bpd. Nigerian production was almost flat month-on-month and averaged 1.183 million bpd in July, according to secondary OPEC sources. Nigeria’s target for July was much higher, at 1.799 million bpd.

Earlier this week, a Argus survey found that despite increasing its crude oil production in July by 500,000 barrels per day, the OPEC+ group was still well below its collective quota, pumping 2.75 million bpd below target production.

By Tsvetana Paraskova for Oilprice.com

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