Total crude oil production from the Organization of Petroleum Exporting Countries increased 173,000 barrels per day (BPD) in July from June, to average 32.87 million barrels per day (MMBPD), according to secondary sources used in the cartel’s August Monthly Oil Market Report.
Preliminary data indicate global oil supply increased 170,000 BPD in July from June, to average 97.3 MMBPD.
Libya output gained 154,000 BPD from June, to roughly 1 MMBPD. Nigeria rose 34,300 BPD, to 1.75 MMBPD. Both countries are exempt from the deal by OPEC and certain non-OPEC members to curb output, although Nigeria recently agreed to cap its output at 1.8 MMBPD.
Saudi Arabia, the leader of the output curtailment deal, lifted its output by 31,800 BPD from June, to 10.07 MMBPD.
OPEC said non-OPEC supply rose 520,000 BPD in July from June, to average 64.49 MMBPD, primarily driven by the 310,000 BPD increase in the U.S, Kallanish Energy calculates.
OPEC revised down forecast non-OPEC oil supply growth for 2017 by 28,000 BPD, to 780,000 BP, representing total non-OPEC supply of 57.77 MMBPD.
The main reason for this downward revision was a lower assessment of oil supply in OECD America following weak output in Q2 2017.
Global oil demand is projected to average 96.49 MMBPD this year, with demand growth expected at 1.37 MMBPD following an upward revision of 100,000 BPD primarily due to better-than-expected second-quarter data from regions in the Organization for Economic Cooperation and Development (OECD), OPEC said.
Total oil consumption is anticipated to set a record high of 97.77 MMBPD in 2018, up 0.44 MMBPD from 2017’s average, a 2.54% increase.
