According to Reuters news agency, polls by this news agency on Friday (August 12) showed that OPEC oil production increased in July and Iran’s oil production reached the highest level in the last 6 years.
The increase in oil supply from Saudi Arabia and the small production growth in other producing countries have offset the effect of voluntary production reduction in other member countries of the Organization of the Petroleum Exporting Countries (OPEC) and its allies (OPEC Plus).
Vessel tracking data and industrial resource information show that OPEC produced 26.7 million barrels of oil per day last month, an increase of 100,000 barrels per day compared to June.
The increase in OPEC oil production has been achieved while OPEC+ has announced that it will continue its production reduction plan until the end of 2025 in order to support the oil market at the same time as demand growth decreases, the high interest rate of the American bank and the increase in oil production of this country.
On Thursday (August 11), OPEC Plus kept its production policy unchanged in the meeting of the ministerial working group to monitor the agreement of this alliance, which includes the plan to start gradually increasing the group’s production from October. However, the coalition said, if necessary, the gradual program of increasing oil production may be stopped or oil production may be reduced again.
Last month, Saudi Arabia had the largest increase in supply among OPEC members with an increase in daily supply of 70,000 barrels of oil. The country’s oil production reached 9 million barrels per day in July, which was close to the quota set by Saudi Arabia.
According to this survey, Nigeria had the largest reduction in production among the members with a decrease of 30,000 barrels in daily oil production. The oil export of this country has also decreased compared to last month.
The production of Libya and Iran, which are exempt from the production reduction program, and Iraq has increased.
According to this report, Iran has increased its oil exports in the past few years despite the continued US sanctions. Iraq’s oil production and export has also increased compared to June.
According to a Reuters survey, the daily supply of OPEC oil is about 240,000 barrels more than the target amount for the nine members of this organization according to the OPEC Plus production reduction agreement, and most of this excess production is related to Iraq.
