Close Menu
    Facebook X (Twitter) Instagram
    Facebook X (Twitter) Instagram
    SweetCrudeReportsSweetCrudeReports
    Subscribe
    • Home
    • Oil
    • Gas
    • Power
    • Solid Minerals
    • Labour
    • Financing
    • Freight
    • Community Development
    • E-Editions
    SweetCrudeReportsSweetCrudeReports
    Home » OPEC oil output climbs as Saudi Arabia pumps near record

    OPEC oil output climbs as Saudi Arabia pumps near record

    August 3, 2018
    Share
    Facebook Twitter LinkedIn WhatsApp
    *OPEC.

    03 August 2018, News Wires — OPEC’s crude output increased last month as Saudi Arabia pumped near-record volumes to make good on a pledge to consumers that demand would be met.

    The kingdom’s oil production grew by 230,000 barrels a day in July, to 10.65 million barrels per day. This is just shy of an all-time peak reached in 2016, according to a Bloomberg survey of analysts, oil companies and ship-tracking data.

    Higher crude output from the Saudis, along with Nigeria and Iraq, pushed up total production from the Organization of Petroleum Exporting Countries by 300,000 barrels a day, offsetting losses from a spiraling economic collapse in Venezuela, political clashes in Libya and the onset of U.S. sanctions against Iran. The group’s 15 members, which now include Congo, collectively produced 32.6 million barrels per day.

    Saudi Arabia’s production increase shows it’s delivering on promises to prevent prices from damaging the global economy after Brent crude reached a three-year high above $80 a barrel earlier this summer. The kingdom has been under acute pressure from President Donald Trump to open the taps as he chokes off exports from Saudi’s political rival, Iran.

    When OPEC met in June, the organization agreed it had been cutting supplies excessively and should restore output to 100 percent of a target set in late 2016. With the production increases made since then, they’ve succeeded: compliance was at 104 percent in July.

    However, the organization is bitterly divided on the interpretation of the June agreement.

    While the Saudis and their Gulf allies said they would increase production to make up for countries unable to, Iran argues that they’re violating individual country targets and ultimately betraying the organization. Although the sanctions don’t officially take effect until November, Iran is already seeing customers flee as the U.S. imposes penalties on buyers after Trump quit a nuclear accord with the country.

    The Saudi policy appears to be helping cool prices in the way sought by President Trump. U.S. crude futures slumped last month by the most in two years, and traded just around $68 a barrel on Wednesday on the New York Mercantile Exchange.

    The survey shows Saudi Arabia’s output was below the 10.8 million barrels a day threshold that the kingdom was said to be indicating it would pump in July, suggesting demand for its oil isn’t as strong as initially expected.

    • Bloomberg

    Related News

    Amakpe Refinery Chairman sues financial firm, denies $1.46m debt claim

    Nigeria commits $50m to Wholesale Impact Investment Fund

    OPEC head says oil demand will keep growing

    E-book
    Resilience Exhibition

    Latest News

    Amakpe Refinery Chairman sues financial firm, denies $1.46m debt claim

    June 10, 2025

    Recovered funds boost student loans, credit access for civil servants – EFCC

    June 10, 2025

    Nigeria commits $50m to Wholesale Impact Investment Fund

    June 10, 2025

    OPEC head says oil demand will keep growing

    June 10, 2025

    ‘Shell’s decision on Phase 2 of LNG Canada will depend on other opportunities’

    June 10, 2025
    Demo
    Facebook X (Twitter) Instagram
    • Opec Daily Basket
    • Oil
    • Power
    • Gas
    • Freight
    • Financing
    • Labour
    • Technology
    • Solid Mineral
    • Conferences/Seminars
    • Community Development
    • Nigerian Content Initiative
    • Niger-Delta Question
    • Insurance
    • Other News
    • Focus
    • Feedback
    • Hanging Out With Markson

    Subscribe for Updates

    Get the latest energy news from Sweetcrudereports.

    Please wait...
    Please enter all required fields Click to hide
    Correct invalid entries Click to hide
    © 2025 Sweetcrudereports.
    • About Us
    • Advertise with us
    • Privacy Policy

    Type above and press Enter to search. Press Esc to cancel.