OPEC’s crude oil production remained steady in July, as increased output from some member countries offset declines in others, Bloomberg survey, published on Monday, Aug. 4, showed.
The Organization of the Petroleum Exporting Countries (OPEC) produced an average of 28.31 million barrels per day (MMB/D) in July, which was virtually unchanged from the previous month.
Meanwhile, the five countries participating in the OPEC+ supply agreements produced around 20.7 MMB/D, exceeding their collective agreed quota by approximately 451,000 B/D.
Over the past weekend, OPEC completed the first phase of its production restoration plan, approving an increase of 547,000 B/D for September.
This move is part of OPEC’s efforts to regain global market share, while still keeping the door open to various options, including either resuming additional output or reverting to production cuts depending on market conditions.
The Bloomberg survey is based on tanker-tracking data, input from officials, and estimates from consulting firms such as Rapidan Energy Group, FGE, Kpler, and Rystad Energy.
OPEC’s crude oil production remained steady in July, as increased output from some member countries offset declines in others, Bloomberg survey, published on Monday, Aug. 4, showed.
The Organization of the Petroleum Exporting Countries (OPEC) produced an average of 28.31 million barrels per day (MMB/D) in July, which was virtually unchanged from the previous month.
Meanwhile, the five countries participating in the OPEC+ supply agreements produced around 20.7 MMB/D, exceeding their collective agreed quota by approximately 451,000 B/D.
Over the past weekend, OPEC completed the first phase of its production restoration plan, approving an increase of 547,000 B/D for September.
This move is part of OPEC’s efforts to regain global market share, while still keeping the door open to various options, including either resuming additional output or reverting to production cuts depending on market conditions.
The Bloomberg survey is based on tanker-tracking data, input from officials, and estimates from consulting firms such as Rapidan Energy Group, FGE, Kpler, and Rystad Energy.
