MOSCOW (Pakistan Point News / Sputnik - 13th August, 2018) The Organization of the Petroleum Exporting Countries (OPEC) increased its daily production by 41,000 barrels per day (tb/d) to 32.32 million per day (mb/d) against the Vienna deal's output target of 32.5 mb/d, with Kuwait showing the largest increase in production and Libya showing the biggest decline, according to the OPEC monthly report published Monday.
"According to secondary sources, total OPEC-15 crude oil production averaged 32.32 mb/d in July, an increase of 41 tb/d over the previous month. Crude oil output increased mostly in Kuwait, Nigeria, UAE and Iraq, while production showed declines in Libya, I.R. Iran, Saudi Arabia and Venezuela," the report read.
While decline in production was expected from Libya, Venezuela, and Iran due to conflicts and US sanctions, Saudi Arabia surprisingly decreased output by 52.8 tb/d to 10.38 mb/d in July.
In late June, the 25 OPEC and non-OPEC states agreed to decrease the overall conformity level with oil production cuts down to 100 percent, which corresponded to an increase in production by a combined 1 million barrels per day starting July.
