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World oil prices

OPEC oil production soars to record high in July

The oil production has been growing since March

MOSCOW, August 11. /TASS/.OPEC countries increased oil production in July by 230,000 barrels to 32.84 million, which is a record increase in production since the beginning of the year, the International Energy Agency (IEA) said in its August report.

The growth was mainly due to the intensive recovery of production in Libya. Nigeria and Libya are two countries that are not involved in the agreement on oil production cut.

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OPEC revises forecast for 2018 oil supply by non-cartel downwards

That means that in July the level of fulfillment of the oil production cut deal decreased by 2 pp. by June and was 75%. Since the beginning of the year the indicator reached 87%.

OPEC's oil production has been growing since March, thanks to recovery of production in Libya and Nigeria.

As a result, in July production was by 960,000 barrels higher than in March, with Libya and Nigeria accounting for 70% of this growth. However, the IEA doubts the possibility of further growth in oil production in these countries due to long-lasting conflicts.

In July, production in Libya grew by 170,000 barrels, to more than 1 million barrels. In Nigeria oil output grew by 30,000 barrels, to 1.6 million.

In July, oil production also increased in Iran, Equatorial Guinea, Gabon, Algeria and the United Arab Emirates. Ecuador also said that it can no longer reduce oil supplies, since this reduces the country's oil revenues.

In July, the following countries accounted for the highest fulfillment of the obligations to reduce oil production: Equatorial Guinea - by 167% (reduction by 20,000 barrels), Angola - by 129% (reduction by 100,000 barrels), Qatar - 127% (reduction by 40,000 barrels), Kuwait - by 105% (reduction by 140,000 barrels) and Saudi Arabia - by 102% (reduction by 490,000 barrels).

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