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Opec-Plus: July Production Leaps, But Shortfall Still Enormous

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  • Crude oil output by the 23-member alliance soared by over 1 million b/d in July to 44.5 million b/d thanks to gains by Saudi Arabia, Libya, Kazakhstan and Nigeria.

  • Production by the 19 members with a quota grew 770,000 b/d to 38.6 million b/d but remained 2.85 million b/d below the July target.

  • After rebounding in May-June, Russian production reached a plateau of around 9.8 million b/d, weighed down by Sakhalin woes.

July was the month when Opec-plus corrected recent setbacks and cranked out the barrels. Kazakhstan, Libya and Nigeria — that all have struggled in recent months for various reasons — managed to reverse course and grow output, while Saudi Arabia, the alliance’s leader, also boosted activity at the wellhead.

Topics:
Oil Supply, Crude Oil, Opec-Plus Supply
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