OPEC oil production rose in July. Block production averages 32.32 million barrels a day for July, up with 41,000 barrels, OPEC reported in its monthly report.
The organization agreed in June to increase production by 1 million barrels per day to prevent a sharp rise in oil prices. This happened after President Trump called on the organization to act to prevent further growth.
In direct connection with OPEC, Saudi Arabia reported that monthly crude oil production declined by 201,000 barrels per day in July, which means it pumped 10.288 million barrels a day last month, which is less than 10.387 million The organization also raised its supply forecast for the rest of the year, unlike its competitors.
Oil production outside OPEC (Non-OPEC) is now expected to be 59.62 million barrels per day in 2018, which is 2.08 million barrels a day more than last year.
At the same time, OPEC lowered its global oil growth estimate by 20,000 barrels per day, to 1.64 million barrels a day this year. This is due to weaker than expected oil demand from Latin America and the Middle East in the second quarter. The organization also said that trade tensions between the US and China are unlikely to have a major impact on world oil demand growth, unless the cracks extend beyond these countries.
OPEC expects demand for crude oil to be 32.9 million barrels a day, which is about 600,000 barrels less than last year.
Sequential is still in its initial phase, we also have head and shoulders activated. I expect prices close to 64.
Source: Bloomberg Finance L.P.
Chart: Used with permission of Bloomberg Finance L.P.
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