OPEC Crude Oil Production Rises in July

In July, Nigeria's crude oil output rose by 30,000 barrels per day (bpd) to 1.307 million bpd, maintaining its status as Africa's largest oil supplier, although it still fell short of its budget target. Overall, OPEC's production increased by 185,000 bpd to average 26.75 million bpd, driven largely by higher output from Saudi Arabia and Iraq, despite Libya experiencing declines. The OPEC+ coalition, which includes non-OPEC producers, exceeded its production targets by 930,000 bpd, reaching a total of 34.7 million bpd. The International Energy Agency noted that countries like Iraq and the UAE significantly surpassed their commitments, contributing to the overall increase. Meanwhile, global oil demand forecasts for 2024 have been revised down due to lower expectations for Chinese demand, though increases are still anticipated in OECD and non-OECD countries. Overall, while production has increased, the complexities of overproduction and demand fluctuations remain central to the oil market dynamics.