July OPEC output rose 310k bpd, according to the latest Reuters survey. That still left it 1.3 mbpd short of quotas.
OPEC had pledged at 412k bpd increase in July.
Saudi Arabia did managed to increase production by 150k bpd but was at 10.75mbpd compared to its 10.833mbpd quota. The UAE and Kuwait are the only OPEC producers meeting their full quotas.
Nigeria is badly under-producing its quota at 1.13mbpd compared to 2.33mbpd allowed. They’ve suffered from repeated pipeline and production problems.
Oil is getting hit hard today and it’s tough for me to guess why that is. The risk trade has improved and Taiwan is in focus but that’s not obviously a ‘sell oil’ trade. WTI crude oil is down $5.00 to $93.62.
This article was originally published by Forexlive.com. Read the original article here.