Opec posted its biggest monthly output increase in almost a year for July with production growing by 360,000 b/d to 29.02mn b/d amid substantial gains from Saudi Arabia as well as a resurgent Libya. But even this bumper increase fell short of the group’s 412,000 b/d target for the month, while the ten Opec members subject to cuts only managed a 210,000 b/d increase.
This pushed the gap between what the ‘Opec 10’ should have produced and what it actually managed to a new high of 1.3mn b/d (see table). (CONTINUED - 1051 WORDS)
