Oil production in OPEC countries is likely to reach the maximum amount in recent years, said the results of the study to Reuters as Iraq ramps up production of black gold, Nigeria could export the additional volumes, despite rebel attacks on oil facilities.
Leading OPEC exporter Saudi Arabia has kept the level of oil production close to record highs, as the study showed, seeking to satisfy higher domestic demand caused by seasonal factors, and trying to preserve market share, instead of to reduce the supply in hopes of stimulating the growth of prices.
The volume of supply from OPEC countries increased to 33.41 million barrels per day in July from a revised reading 33,31 million barrels per day in June, according to the study, based on shipments data and information from sources in the industry.
The increase in production in OPEC countries added to downward pressure on the price of black gold. The price of oil has fallen from a high of 2016 near $53 per barrel in June to $42 on Friday.
The volume of OPEC oil production could increase further if negotiations on the opening of some oil fields in Libya will be successful.
OPEC managed to increase deliveries due to return to the organization of Indonesia in 2015, as well as Gabon in July this year, which makes it difficult to compare with previous years. Delivery the other members of the cartel in the volume of 32.46 million barrels per day are at a record high in the framework of the Reuters survey conducted in 1997.
In July, the largest increase of supply in the amount of 90 thousand barrels per day occurred in Iraq, which increased exports from ports in the South and the North of the country, despite the leak from the pipeline, which exports from the southern regions was limited.
Nigeria, where production has suffered because of militant attacks on its oil infrastructure, however, we were able to slightly increase exports in July from the previous month, according to the study, however, the exports remain significantly below 2 million barrels a day the country delivered in early 2016.
Saudi Arabia was producing of 10.50 million barrels per day in July, not much different from the revised value of June and a record 10.56 million barrels per day in June last year.
The study is based on shipment data provided by external sources, Thomson Reuters data and information from sources at oil companies, OPEC and consulting firms.
