Opec oil output highest since ’79

Opec oil production rose 290,000 barrels per day in July to the highest level since December 1979 as Iraq boosted exports and the UAE restored output at oilfields after maintenance, a Reuters survey showed.

Record crude oil prices have encouraged the Organisation of the Petroleum Exporting Countries to push output to near 26-year highs. But opening the taps has had little effect on prices. US light crude CLc1 hit a fresh record of $62.50 a barrel on Wednesday.

“Opec is producing as much crude oil as anybody wants,” said Geoff Pyne, energy consultant for Standard Bank. “Refiners have no shortage of the grades they need. But it’s out of Opec’s hands to bring the price down.”

Khaleej Times