THUR, AUGUST 10 2023-theGBJournal | According to OPEC secondary sources, total OPEC-13 crude oil production averaged 27.31 mb/d in July 2023, lower by 836 tb/d m-o-m.
Crude oil output production declined mainly in Saudi Arabia, Libya and Nigeria, while production in Iran, Angola and IR Iraq increased, says secondary sources in latest OPEC Monthly Oil Markets Report (MOMR) published today.
Nigeria saw its crude oil production slump by as much as 40, 000 bpd in July, one of the biggest slumps amongst its peers.
Data from the secondary source shows production by OPEC+ leader, Saudi Arabia fell by 968, 000 bpd from June to average 9.021 million bpd in July.
Production by other top African producers, Angola rose by 56,000 bpd in July while Libya witnessed a slump of 52,000 bpd in crude production.
Gabon, Congo and Algeria also saw 4,000 bpd, 9,000 bpd and 1, 000 bpd increases respectively.
Equatorial Guinea total crude production in July fell by 4,000 bpd, according to the OPEC secondary sources.
Libya alongside Iran and Venezuela which saw a production drop of 37, 000 bpd in July are however exempted from OPEC+ deal binding the other OPEC members in production cuts.
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