Global oil supply rose by 300 thousand barrels per day (kb/d) to 99.4 million barrels per day (mb/d) in July, according to the International Energy Agency's (IEA) report on Friday.
Crude production from the Organization of the Petroleum Exporting Countries (OPEC) held steady in July at 32.18 mb/d, after an unexpected drop from Saudi Arabia.
In July, the biggest drop in oil production among OPEC countries was seen in Saudi Arabia by 110 kb/d to 10.35 mb/d. According to the IEA, although OPEC is producing at the highest rate since February, overall supply in July was down 930 kb/d year-on-year due to sharply lower output from Venezuela, Libya and Angola.
However, the biggest increase in production within OPEC was in the United Arab Emirates (U.A.E.) and Kuwait. Output in the U.A.E. climbed 80 kb/d to 2.98 mb/d, while production in Kuwait rose by a similar amount to 2.8 mb/d.
"Reduced Saudi flows and further declines in Venezuela, Libya and Angola were largely offset by higher output from Kuwait, the U.A.E. and Nigeria - keeping crude output steady month-on-month at 32.18 mb/d,” the agency said. Non-OPEC oil output rose by 260 kb/d in July to 60.3 mb/d, 1.9 mb/d higher than a year earlier.
According to the IEA's estimates, global oil demand is expected to reach 99.4 mb/d in 2018 and 100.69 mb/d in 2019.
(Anadolu Agency)
