Saudis contributed to July boost in oil output: OPEC

Peace and Freedom

AFP

© AFP/File | OPEC increased output in July despite pledges to restrain production

PARIS (AFP) – Crude oil production by OPEC members increased slightly in July, including Saudi Arabia, which had championed efforts by the oil cartel and allies to extend an output freeze.Output from the 14 cartel members hit 32.87 million barrels per day (mbd) in July according to secondary sources, OPEC said in its monthly report on the oil market, up from 32.69 mbd in June.

“Crude oil output increased mostly in Libya, Nigeria, and Saudi Arabia,” said the report.

OPEC and a number of other producers including Russia agreed in May to extend production cuts, originally agreed last year, into 2018 to ease a global supply glut and support the price of crude.

But oil prices haven’t been able to push up durably from around $50 a barrel as some exporters have produced more oil than agreed…

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