OPEC Oil Output Hits New High In Market Share Push
OPEC oil output reached the highest monthly level in recent history in July, a Reuters survey found on Friday, as Saudi Arabia and other key members show no sign of wavering in their focus on defending market share instead of prices.
The latest boost from the Organization of the Petroleum Exporting Countries adds to excess supply in the market without the significant rise in demand OPEC hopes will happen in the second half of the year and in 2016. OPEC supply has risen in July to 32.01 million barrels per day (bpd) from a revised 31.87 million bpd in June, according to the survey, based on shipping data and information from sources at oil companies, OPEC and consultants.
The group has upped production by more than 1.7 million bpd since it decided in November 2014 to defend market share against rising output from rival producers. This month's deal between world powers and Iran over Tehran's nuclear work could further add to supplies in 2016.