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Global production stable as Opec output hits five-month high

Higher Opec output is offsetting losses from outside

Global oil production increased by 230,000 barrels per day (b/d) in July, reaching 93 million b/d as higher Opec output offset losses from producers outside of the cartel.  Opec’s oil production in July reached a five-month high of 30.44 million b/d, an increase of 300,000 b/d month-on-month. This was due to higher output from Saudi Arabia and Libya which offset losses in Iraq, Iran and Nigeria.  Saudi Arabia’s crude output climbed to around 10.01m b/d in July, its highest level since September. The rise, an increase of 230,000 b/d from June, was partly the result of increased domestic consumption.  Libyan supply increased by 190,000 b/d in July, to 430,000 b/d, despite the country slidin

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