Oil Prices Fall As OPEC Output Hits ‘’Year-To-Date High’’

OilPrice.com ------- Libya and Nigeria pushed OPEC’s crude oil output in July to the highest this year, at 32.82 million barrels daily, a survey by S&P Platts has revealed. The cartel is reporting its production figures this Thursday. According to Platts, the combined production of Libya and Nigeria, both exempt from the cuts agreed to last November, went up by 210,000 bpd last month, with Libya pumping about 990,000 bpd and Nigeria producing 1.81 million bpd. Saudi Arabia, according to Platts, pumped 10.05 million bpd in July. Nigeria has agreed to stop boosting its output once it reaches a steady daily average of 1.8 million bpd, so if the Platts figure is confirmed by external sources in the OPEC Monthly Oil Market Report, the West African producer may move to cap its output. Libya, however, has announced no plans to limit production growth for the time being. To learn more click on the picture below to read the article.