Opec's oil output is expected to rise by 200,000 barrels per day in July from June because of higher supplies from Saudi Arabia and Iraq, industry consultant Petrologistics said on Friday. The boost from the Organisation of the Petroleum Exporting Countries is less than expected and may indicate limited demand for the heavier crude grades offered by top exporter Saudi Arabia, despite record-high prices.
All 13 Opec members are expected to pump 32.9 million bpd in July, up from a revised 32.7 million bpd in June, Conrad Gerber, head of the Geneva-based company, told Reuters. "The Saudis can't sell all their extra crude so I don't see them going up much further in July, supply-wise," he said.
Saudi Arabia, Opec's largest producer, is expected to pump 9.45 million bpd in July, up from 9.32 million bpd in June but less than the 9.7 million bpd that Riyadh said it would produce this month. Iraq is forecast to supply 2.45 million bpd, an increase from 2.33 million bpd in June, despite a brief halt to exports from Iraq's northern fields to Turkey earlier this week.
Comments
Comments are closed.