OPEC oil output jumps to 2017 high on further Libya recovery - Reuters

Eren Sengezer FXStreet

"OPEC oil output has risen this month by 90,000 barrels per day to a 2017 high, a Reuters survey found, led by a further recovery in supply from Libya, one of the countries exempt from a production-cutting deal," Reuters said.

Key quotes:

OPEC output rises by 90,000 bpd to 33.00 million bpd
July compliance by 11 countries with output targets 84 pct
June compliance revised lower to 77 pct on Saudi, Iraqi output
Top exporter Saudi Arabia pumped 50,000 bpd less
Among countries with lower output, the biggest decline was in Angola, which exported 50 cargoes, two less than in June

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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