OPEC fails to reduce oil production, registers highest output of the year

11/08/2017 14:38 Oil Market

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OPEC oil output for July skyrocketed by 173,000 barrels a day to almost 32.9 million barrels, which once again proves that major oil producers can’t keep up with their plan to pump less oil.

This is the highest level of oil production that the organization has put out since their agreement from last December aiming to limit its output so as to rebalance the market after three years of surplus.


OPEC has partnered with non-member Russia to keep 1.8 million barrels a day off the market and diminish global crude stockpiles, but rising output from the US, Libya and Nigeria has made the effort futile.


Libya’s daily output rose by 150,000 barrels a day last month to surpass a million barrels in July. Nigeria oil production reached nearly 1.75 million barrels per day, or a daily hike of around 34,000 barrels.

 

Saudi Arabia, the group’s major producer, exceeded the production limit it agreed to last winter, producing around 10,07 million barrels a day.
 

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