WANA (August 04) – According to the Ministry of Oil, a Reuters survey on August 2nd revealed that OPEC’s oil production increased in July, with Iran’s output reaching its highest level in six years.

 

The increased oil supply from Saudi Arabia and slight production growth in other OPEC member countries offset the voluntary production cuts by other OPEC and OPEC+ members. Data shows that OPEC produced 26.7 million barrels per day last month, an increase of 100,000 barrels per day compared to June.

 

OPEC+ announced that to support the oil market, it will continue its production cut plan until the end of 2025. Saudi Arabia saw the largest supply increase, with an additional 70,000 barrels per day, bringing its total production to 9 million barrels per day. Nigeria experienced the largest production decrease, with a reduction of 30,000 barrels per day.

 

Oil production in Libya, Iran, and Iraq increased, with Iran boosting its oil exports despite ongoing U.S. sanctions. Iraq’s oil production and exports also grew compared to June. The Reuters survey indicated that OPEC’s daily oil supply is about 240,000 barrels above the target set for nine of its members under the OPEC+ production cut agreement, with most of this excess production coming from Iraq.