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Market Chatter: OPEC Production in July Rises

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Crude oil production by members of the Organization of Oil Exporting Countries or OPEC rose in July according to a survey by Reuters on Monday, with some restoration of supply that had previously been halted by the US-Iran war.

Members' output rose 1.17 million barrels per day to 19.85 bbl/d on average, according to the news agency's survey based on data from financial group LSEG, companies tracking flows and sources at oil companies and OPEC.

The increase marked a recovery from May which recorded the lowest OPEC output since at least the year 2000, the survey showed. The data excluded output from the UAE which left the group on May 1.

The largest rises in output came from Iraq followed by Kuwait. Iran's exports also rose until the restoration of a US blockade on its ports from mid-July. Output from Saudi Arabia was down slightly, the survey showed while Libya's production rose.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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