OPEC Hit Record Oil Production in July

OPEC smashed an all-time oil production record in July, pumping relentlessly despite the low prices.

The oil cartel produced just over 33.1 million barrels of oil per day in July, up 46,400 barrels compared to June, it said in a new report released Wednesday. That’s over a million barrels a day more than it produced on average in 2015 and 2 million more than in 2014.

OPEC confirmed OPEC crude oil production achieved a historical record in July.

The cartel has been pumping relentlessly for the last two years, aiming to defend its market share despite the collapsing oil prices. OPEC produces just under 35% of crude oil globally. That compares with the low of 32.6% it controlled in April 2014.

Saudi Arabia is leading the pack, producing nearly 10.5 million barrels per day in July, up 30,000 compared to its output in June and also a new record high. Iraq, Iran and the United Arab Emirates also increased their output last month, making up for the lower production in Nigeria and Venezuela.

Venezuela’s production dropped further 20,000 barrels a day in July, hitting a fresh 13-year low.

via CNN

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza