Baku, Azerbaijan, Aug. 10
By Elena Kosolapova – Trend:
OPEC increased oil production by 46,400 barrels per day (bpd) to 33.11 million bpd in July as compared to June, says OPEC Monthly Oil Market Report (MOMR) published Aug. 10.
Crude oil output increased mostly from Iraq (by 74,800 bpd to 4.32 million bpd), while production in Nigeria showed the largest drop (by 41,300 bpd to 1.51 million bpd).
Saudi Arabia’s oil output increased by 30,100 bpd to almost 10.48 million barrels per day in July.
OPEC’s crude oil share of 34.8 percent in total global production unchanged in July as compared to previous month.
Global oil supply increased by 0.24 million bpd to average 95.14 million bpd in July 2016 as compared to the previous month.
The increase of both non-OPEC supply by 0.20 million bpd and OPEC crude oil production by 0.05 million bpd in July increased global oil output.
OPEC has 14 members – Algeria, Angola, Ecuador, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the UAE, Venezuela and Gabon.
Edited by EA
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