OPEC productions moves higher in July

OPEC crude oil production managed to eke higher in July to 33.2m b/d, 130k b/d more than in June. The increase was despite output in Nigeria and Libya falling back due to persistent political instability and militant attacks. Total production now includes volumes from Gabon (210k b/d) which returned to the producers' bloc after withdrawing in 1995. Production from the GCC members of OPEC dipped by 30k b/d as an unseasonal decline in Saudi Arabia's production offset gains from the UAE and steady levels elsewhere. 

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