Opec crude oil production grew at its fastest rate in 11 months over July, as the gradual unwinding of production cuts pushed output up by 650,000 b/d. At 26.71mn b/d July production was the highest since April 2020, and volumes are set to increase steadily each month now out into 2022.
Opec+ will begin tapering its cuts by 400,000 b/d each month from August under an agreement reached on 18 July (MEES, 23 July). A document seen by MEES shows that Opec’s share of these monthly increases will be 254,000 b/d. In total, ten Opec producers contribute to the cuts, while Iran, Venezuela and Libya are exempt. The production cap of the ‘Opec-10’ will rise from 23.03mn b/d in July to 23.29mn b/d this month (see table 1). (CONTINUED - 815 WORDS)
