July's OPEC production reaches a record year: survey

LONDON.- OPEC oil production increased in July to reach its peak of 2018 due to increased pumping from the Persian Gulf countries and the integration of the group of the Democratic Republic of the Congo. Monday, a Reuters poll, although the increase was limited by deficits in Iran and Libya.

The Organization of the Petroleum Exporting Countries pumped 32.64 million barrels a day in July, according to the consultation, an increase of 70,000 barrels from the June revised level and the highest volume this year. year, with the inclusion of Congo.

OPEC and its allies agreed last month to increase the offer after President Donald Trump's request to make up for the losses caused by the new sanctions against him. Iran and bring down prices, which reached 80 this year dollars per barrel for the first time since 2014.

At the end of June, OPEC, Russia and other non-group countries agreed to return to 100% compliance with the pumping cuts initiated in January 2017, after months of decline in production in Venezuela. and other nations that pushed membership above 160 percent.

Saudi Arabia said the decision would result in an increase in production of about 1 million barrels of oil.

The cartel's collective commitment to supply targets dropped to 111% in July from the revised 116% in June, according to the survey, implying that the reduction in Group's offer is greater than that which had been agreed upon.

Following the OPEC decision, Kuwait and the United Arab Emirates increased production by 80,000 barrels and 40,000 barrels in July, respectively.

Most of the increase in the Saudi supply seems to have occurred in June, when Riyadh took advantage of storage tanks to increase supply to 10.60 million barrels, near a historic summit. The increase has angered Iran and surprised other members of OPEC.

Riad increased supply in July by 50 thousand barrels more than the revised level of the previous month, according to the survey, because the internal use of crude in refineries and power plants increased, while exports remained close to the June rate.

Production also fell in Venezuela, where the oil industry lacks funds due to the economic crisis, and in Angola, due to falling exports in a context of natural decline in deposits.

The incorporation of the Republic of Congo in OPEC in June added about 320,000 barrels to production and, with the increase of existing members, brought the group's production in July at its highest level since October. 2017, according to Reuters polls.