OPEC oil output set to reach record high in July
OPEC’s oil output is likely in july to reach its highest in recent history, a survey found on Friday, as Iraq pumps more and Nigeria manages to export additional crude despite militant attacks on oil installations.
Top OPEC exporter Saudi Arabia has kept output close to a record high, the survey found, as it meets seasonally higher domestic demand and focuses on maintaining market share rather than trimming supply to boost prices.
Supply from the Organization of the Petroleum Exporting Countries has risen to 33.41 million barrels per day (bpd) in July from a revised 33.31 million bpd in June, according to the survey based on shipping data and information from industry sources.
The increase in OPEC production has added to downward pressure on prices. Oil LCOc1 has fallen from a 2016 high near $53 a barrel in June to $42 as of Friday, pressured also by concern about weaker demand.