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OPEC's July oil output to rise by 145,000 bpd: Petro-Logistics
July 21, 2017 / 10:50 AM / 4 months ago

OPEC's July oil output to rise by 145,000 bpd: Petro-Logistics

LONDON (Reuters) - OPEC oil output is set to rise by 145,000 barrels per day (bpd) this month, a company which tracks OPEC supply forecast on Friday, indicating lower compliance with a pact to reduce production.

The OPEC logo is seen outside their headquarters in Vienna, Austria May 24, 2017. REUTERS/Leonhard Foeger

The Organization of the Petroleum Exporting Countries has agreed to cut output by about 1.2 million bpd until March 2018 to reduce inventories and support prices.

Compliance with the deal has been high so far but OPEC production has risen in recent weeks, in part on output from Libya and Nigeria, which were exempted from the pact due to conflicts which have curbed their production.

“OPEC-14 supply is expected to exceed 33 million bpd in July which represents an increase of 145,000 bpd over June, driven by higher supply in Saudi Arabia, UAE and Nigeria,” Daniel Gerber, chief executive of Petro-Logistics, said in an email.

“July volumes represent an increase of more than 600,000 bpd over the first-half 2017 average.”

Petro-Logistics is among a number of consultancies that estimate OPEC supply by tracking tanker shipments.

In June OPEC’s output rose by 393,000 bpd to 32.611 million bpd, according to figures from secondary sources which the organization uses to monitor supply.

That rise was led by Nigeria and Libya, with extra supply also from Saudi Arabia and Iraq.

Reporting by Alex Lawler; editing by Jason Neely

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