OPEC production rises to year’s high in July: report

OPEC’s oil production rose by 90,000 barrels per day (bpd) in July, hitting the highest level this year, according to a Reuters survey.

The increase followed a recovery in output in Libya – one of the countries exempt from a production cut deal.

Reduced supply from Saudi Arabia and lower exports from Angola helped push OPEC's compliance to the output deal to 84 percent in July, compared to 77 percent in June, the news agency said.

The biggest rise for the month was from Libya, where output rose to an average of more than 1 million bpd. Production, however, remains short of the 1.6 million bpd Libya pumped before its 2011 civil war.

Production from Iraq edged higher in July, the survey found. Supply also increased in the United Arab Emirates, Gabon and Ecuador.

Among the decliners, the biggest drop came from Angola, which exported 50 cargoes – two less than in June. August volumes are expected to increase, the report said.

Nigeria’s output was lower in July, partly due to a force majeure on Bonny crude exports.

Saudi Arabia pumped 50,000 bpd less, the survey found.

The combined production of OPEC countries was 32.85 million bpd in July, the report said. With Equatorial Guinea also included, the total OPEC production in July reached 33 million bpd.