OPEC says Saudi production rose in July

Saudi Arabia reported its crude oil production increased 123,000 b/d in July over June to reach an average total for the month of 10.67 million b/d, the Organization of Petroleum Exporting Countries said in its Monthly Oil Report Aug. 10.

Since the oil-price slump started in late 2014, Saudi Arabia has resisted pressure from other producers to cut production.

OPEC reports crude production based on direct communication from its members and also reports crude production based on secondary sources such as shippers, analysts, and industry. Secondary sources told OPEC that Saudi production rose 30,100 b/d during July over June to a July total of 10.47 million b/d.

For all of OPEC, secondary sources indicated July crude oil production averaged 33.11 million b/d, an increase of 46,400 b/d over June.

Crude oil production from individual cartel members increased the most from Iraq.

Iraq reported July production was up 57,000 b/d to 4.6 million b/d, OPEC said. Secondary sources estimated Iraq’s July production at 4.3 million b/d, OPEC said.

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