OPEC Oil Production Averaged 29.61 Mln Bpd In July – Monthly Oil Market Report

MOSCOW (UrduPoint News / Sputnik – 16th August, 2019) OPEC oil production in July decreased month on month by 246,000 barrels per day – to 29.61 million barrels per day, according to the August 2019 OPEC Monthly OilMarket Report.

“According to secondary sources, total OPEC-14 preliminary crude oil production averaged 29.

61 mb/d in July, lower by 246 tb/d m-o-m. Crude oil output decreased mostly in Saudi Arabia, IR Iran, Libya, Venezuela and Nigeria, while production increased in Iraqand Algeria,” it said.

Thus, the organization increased the overfulfillment of the OPEC+ oil output cut deal to 45 percent from 29 percent in June