Opec Production in July Again very High at Above 32 Million Barrels Per Day

Rarely have Bloomberg and Reuters shown such consensus on OPEC surveys as they did in July, both estimating OPEC production at just over 32 million barrels per day – a very high level of output given the lack of exports from Iran and Libya. Besides record-high Saudi Arabian production, a strikingly high level of production in Iraq is playing its part in this, which this summer has risen to over 4 million barrels per day for the first time, notes Commerzbank.?Exports from southern Iraq climbed to a new record high of 3.064 million barrels per day in July. By contrast, exports from the Kurdish north are now likely to grind to a complete halt as a result of the military conflict between the PKK and the Turkish Air Force. The risks to exports from the Middle East and to non-OPEC production are currently being ignored by the market, which is hardly surprising in view of the increasingly negative sentiment on the oil market, says Commerzbank.?

The material has been provided by InstaForex Company – www.instaforex.com

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