OPEC production rises about one million barrels per day in July

Shafaq News / OPEC said, on Wednesday, the production of the members of the organization (13 members) rose about one million barrels per day during last July, amid a significant increase in Saudi oil supplies.

In its monthly report, the organization stated that its production rose to 23.172 million barrels per day during July, compared with 22.193 million barrels per day in June.

According to the report, 7 countries increased their production during the past most notably (the numbers represents the rate of increase in production per day)

·        Saudi Arabia (the largest oil producer in OPEC), 866 thousand barrels

·        UAE  98 thousand barrels

·        Kuwait about 73 thousand barrels

·        Iraq 39 thousand barrels

·        Libya 8 thousand barrels

·        Venezuela 3 thousand

·        Algeria 1000 barrels

On the other hand, 6 countries reduced their production, including: (the numbers represents the rate of decline in production per day)

·        Angola about 51 thousand barrels

·        Congo 18 thousand barrels

·        Gabon 15 thousand barrels

·        Nigeria 9 thousand barrels

In April, the "OPEC +" group reached an agreement providing in its first stage to reduce production by 9.7 million barrels per day until the end of June, which was extended until the end of July.

In early August, the reduction began to 7.7 million barrels per day until the end of 2020, and then to 5.8 million barrels per day until the end of April 2022.