OPEC oil output climbs in July -Reuters survey

OPEC, excluding Iraq and Angola, pumped more crude oil in July than in June, led by a rebound in supply from Nigeria after a spate of outages, a Reuters survey showed on Wednesday.

Ten OPEC members bound by output targets, all except Iraq and Angola, pumped 26.75 million barrels per day (bpd), up 150,000 bpd from June, according to the survey of oil firms, traders, OPEC officials and analysts.
The survey indicates most OPEC members are keeping a lid on output even after a jump in oil prices, which this week approached the record high of $78.40 a barrel. OPEC officials have repeatedly said crude oil supply is adequate.

The Organization of the Petroleum Exporting Countries, source of more than a third of the world’s oil, agreed last year to lower production by 1.2 million bpd from Nov. 1 and by a further 500,000 bpd from Feb. 1, to prop up prices.

July supply from the 10 countries was 890,000 bpd less than in October, according to Reuters estimates, or about 52 percent of the total production cut pledged.

Nigeria’s output rose because of fewer disruptions to supply caused by attacks on the country’s oil industry, while Iranian and Venezuelan supply edged higher in July, the survey found.

Total OPEC production climbed to 30.47 million bpd from 30.15 million bpd in June because of higher shipments from Iraq and Angola, according to the survey.

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