Agencies-Gaza post
OPEC produced 310 thousand barrels per day in July
A Reuter survey published on Monday showed that OPEC pumped an additional 310 thousand barrels of oil per day (BPD) in July, covering an increase in supply from Gulf countries to supply disruptions from Nigeria and Libya.
Besides, its member stated that he implemented about 60 percent of the productivity increase they pledged under an agreement with allies of the organization.
The survey found that the Organization of Petroleum Exporting Countries pumped 28.98 million barrels per day (BPD) of crude last month, an increase of 310 thousand BPD from total production in June.
Some 240 thousand barrels per day (BPD) of that increase came from the 10 OPEC producers covered by an agreement between the organization and Russian-led allies, the OPEC + group, in which they pledged a productivity increase of 412 thousand BPD.
The survey found production below the July target of 1.3 million barrels per day (BPD), and compliance with the remaining pledged cuts was 418%, up from 253% in June.
According to Reuters surveys, production saw lower-than-expected increases between October and June, with the exception of February, with many producers lacking the ability to inject more due to a lack of investment, a trend accelerated by the pandemic.
OPEC + is not expected to decide on a further increase in production at its meeting on Wednesday.
“The meeting is unlikely to see a surprising result in terms of increased production,” a group source said.
