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OPEC oil production jumped to 2017 high due to the increase in volumes in Libya



OPEC oil production in July rose by 90,000 barrels a day to the peak of 2017, amid continued recovery of supplies from Libya, which is not included in the global OPEC pact.



31.Jul.17 11:59 AM
By Daria Zaytseva
Photo Toinnov.com

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OPEC oil production jumped to 2017 high due to the increase in volumes in Libya

The decline in supplies from Saudi Arabia and exports from Angola supported the OPEC member countries' compliance with the cut production agreement, which reached 84 % in July.

The increase in production in Libya and Nigeria hampers efforts led by OPEC, aimed at combating the global surplus of raw materials in world markets.

The bulk of the increase in production in July occurred in Libya, whose production on average exceeded the mark of 1 million bpd, but still does not reach 1.6 million bpd before the start of the civil war in 2011.

The extraction in Iraq was revised upward in June and rose in July, the study showed. The extraction in the United Arab Emirates, Gabon and Ecuador also increased slightly.

Production in Nigeria in July fell slightly after rising in June, in part because of the force majeure regime for the export of Nigerian Bonny. In August, growth may resume if exports reach a planned level of at least 2 million bpd.

OPEC in 2016 set a target production level of 32.50 million bpd, based on low rates of Libya and Nigeria. Since then, the club left Indonesia, and Equatorial Guinea joined the cartel.

The increase in production in Libya and Nigeria suggests that OPEC production in July averaged 32.85 million bpd, about 1.1 million higher than the target level, without taking into account Equatorial Guinea.




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