Production of the Organization of Petroleum Exporting Countries’ (OPEC) was disrupted in July by militant attacks in Nigeria and political unrest in Libya, according to Bloomberg. The output of the 13 established members fell by 80,000b/d, with the biggest decline of 70,000b/d reported in Nigeria. Libya’s output decreased by 20,000b/d, and Saudi Arabia’s production of crude was down by 40,000b/d, OilPrice informed.
The reports affirmed preliminary analyzes indicating OPEC’s overall crude supply for July amounting to a record of 33.41 b/d, Reuters wrote.
According to an analysis published by Independent, Libya is set to reopen its oil ports, which have a collective capacity to potentially export over 600,000 b/d of crude. The National Oil Corporation hopes to increase production by some 150,000b/d within the coming weeks, with the aim to boast output to around 900,000b/d by January. The enhanced Libyan production will further add to the current global over-supply of oil, which keeps oil prices low.
According to MarketWatch, the US benchmark fell to $40 a barrel for the first time since April.