A Saudi Aramco sign is pictured at an oil facility in Abqaiq, Saudi Arabia, October 12, 2019. REUTERS/Maxim Shemetov//File Photo Acquire Licensing Rights
LONDON, July 31 (Reuters) – OPEC oil output has fallen in July after Saudi Arabia made an additional voluntary cut as part of the OPEC+ producer group's latest agreement to support the market and an outage curbed Nigerian supply, a Reuters survey found on Monday.
The Organization of the Petroleum Exporting Countries has pumped 27.34 million barrels per day (bpd) this month, the survey found, down 840,000 bpd from June. That's the lowest since September 2021 according to Reuters surveys.
Saudi Arabia pledged to cut output by 1 million bpd in July as part of OPEC+'s deal in June which limits supply into 2024. Oil has begun to rally in response, with Brent crude trading above $85 a barrel, up from near $71 in late June.
The Saudi move, which Energy Minister Prince Abdulaziz bin Salman called a "Saudi lollipop," came on to top of earlier voluntary cuts that Riyadh and several other members of OPEC+ had announced, and added to reductions made under a late 2022 OPEC+ agreement.
Increases in Angola and Iraq due to higher exports limited the decline in OPEC output in July, the survey found.
OPEC's output is still undershooting the targeted amount by almost 1 million bpd partly because Nigeria and Angola lack the capacity to pump as much as their agreed level.
Saudi Arabia lowered output by 860,000 bpd month-on-month, the survey found. Figures from Kpler show crude exports down over 600,000 bpd month-on-month, although another tanker tracker found a smaller export decline.
The second-biggest decline was in Nigeria where Shell suspended loadings of Forcados crude due to a potential leak at the export terminal. Libyan output edged lower due to a brief stoppage at some fields due to a protest.
The Reuters survey aims to track supply to the market. It is based on shipping data provided by external sources, Refinitiv Eikon flows data, information from companies that track flows such as Petro-Logistics and Kpler, and information provided by sources at oil companies, OPEC and consultants.
Additional reporting by Ahmad Ghaddar Editing by Sharon Singleton
Our Standards: The Thomson Reuters Trust Principles.
Brazil hopes to join the OPEC+ group of oil-producing countries in January after a technical analysis of the charter for cooperation, the country's energy minister said on Thursday, although the nature of Brazil's participation remained unclear.
Reuters, the news and media division of Thomson Reuters, is the world’s largest multimedia news provider, reaching billions of people worldwide every day. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers.
Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology.
The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs.
The industry leader for online information for tax, accounting and finance professionals.
Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile.
Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts.
Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks.
All quotes delayed a minimum of 15 minutes. See here for a complete list of exchanges and delays.
© 2023 Reuters. All rights reserved
OPEC oil output falls on Saudi cut and Nigerian outage, Reuters … – Reuters
Leave a comment