Oil production by the Organization of the Petroleum Exporting Countries fell to its lowest level since March in July as supply disruptions in Libya and Iraq dented the group's output, OPEC said Friday, warning of risks of further supply disruptions.
Oil production by the Organization of the Petroleum Exporting Countries
fell to its lowest level since March in July as supply disruptions in
Libya
and
Iraq
dented the group's output, OPEC said Friday, warning of risks of further supply
disruptions.
According to secondary sources cited by OPEC in its monthly oil market report,
the producer group's output fell by 100,000 barrels a day in July to 30.3
million barrels a day. Significant declines in
Libya
and
Iraq
offset an increase in
Saudi Arabia
's production
of nearly 100,000 barrels a day.
The fall in the group's production during a period of peak demand for many OPEC
members underlines the impact that unrest in the
Middle
East
and
North Africa
is having on the oil market. The
price of benchmark Brent oil futures rose by 5% in July, while OPEC's own
benchmark basket of crude oil recorded its steepest month-on-month gain since
February.
According to OPEC, protests in
Libya
that
closed almost all of the country's export terminals have cut at least 500,000
barrels a day of supply from the Mediterranean market. Disruptions to a major
pipeline in
Iraq
also
dented production last month and planned work on export infrastructure in the
country is expected to cut the country's production a further 500,000 barrels a
day from September.
"Supply losses are at over 700,000 [barrels a day] according to industry
sources and could reach 1 [million barrels a day]--1.1% of world output--if
South
Sudan
goes ahead with a threatened production shutdown," OPEC said in
its monthly report.
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