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World Oil Supply

54

OPEC Monthly Oil Market Report – August 2017

OPEC crude oil production

According to five secondary sources, total

OPEC-14 crude oil production

averaged 32.87 mb/d in July, an

increase of 173 tb/d over the previous month. Crude oil output increased mostly in Libya, Nigeria, and

Saudi Arabia, while production showed declines in Iraq, Angola and Venezuela.

Table 5 - 8: OPEC crude oil production based on

secondary sources

, tb/d

Table 5 - 9: OPEC crude oil production based on

direct communication

, tb/d

2015 2016 4Q16 1Q17 2Q17 May 17 Jun 17 Jul 17

Jul/Jun

Algeria

1,107 1,090 1,091 1,052 1,059 1,061 1,060 1,059

-1.0

Angola

1,755 1,725 1,623 1,632 1,650 1,609 1,665 1,646

-19.3

Ecuador

543

546

542

530

528

529

528

536

8.5

Equatorial Guinea

192

172

170

156

148

149

148

157

9.5

Gabon

225

220

211

200

202

205

198

205

7.1

Iran, I.R.

2,836 3,518 3,741 3,796 3,794 3,774 3,817 3,824

6.9

Iraq

3,961 4,390 4,604 4,447 4,445 4,446 4,501 4,468

-33.1

Kuwait

2,764 2,853 2,874 2,712 2,708 2,709 2,711 2,703

-7.4

Libya

404

390

574

656

709

727

847 1,001

154.3

Nigeria

1,839 1,557 1,553 1,511 1,617 1,642 1,714 1,748

34.3

Qatar

663

656

642

625

613

610

615

619

3.4

Saudi Arabia

10,142 10,406 10,541 9,887 9,955 9,898 10,035 10,067

31.8

UAE

2,906 2,975 3,079 2,935 2,908 2,907 2,912 2,905

-6.7

Venezuela

2,375 2,159 2,057 1,996 1,955 1,951 1,948 1,932

-15.8

Total OPEC

31,711 32,658 33,303 32,134 32,292 32,215 32,696 32,869

172.6

Note: Totals may not add up due to independent rounding.

Source: OPEC Secretariat.

2015 2016 4Q16 1Q17 2Q17 May 17 Jun 17 Jul 17

Jul/Jun

Algeria

1,157 1,146 1,168 1,087 1,072 1,069 1,071 1,065

-6.0

Angola

1,767 1,722 1,610 1,638 1,635 1,593 1,662 1,668

6.0

Ecuador

543

549

543

533

..

..

..

..

..

Equatorial Guinea

..

..

..

..

..

..

..

..

..

Gabon

..

..

..

..

..

..

..

..

..

Iran, I.R.

3,152 3,651 3,993 3,894 3,878 3,893 3,880 3,900

20.0

Iraq

3,504 4,648 4,802 4,589 4,549 4,564 4,550 4,400

-150.0

Kuwait

2,859 2,954 2,915 2,705 2,710 2,715 2,705 2,700

-5.0

Libya

..

..

..

..

..

..

..

..

..

Nigeria

1,748 1,427 1,401 1,388 1,485 1,494 1,557 1,674

117.2

Qatar

656

652

632

595

608

594

611

611

-0.9

Saudi Arabia

10,193 10,460 10,602 9,882 9,965 9,880 10,070 10,010

-60.1

UAE

2,989 3,088 3,201 3,010 2,984 2,981 2,984 2,977

-7.0

Venezuela

2,654 2,373 2,265 2,244 2,180 2,189 2,156 2,117

-39.0

Total OPEC

..

..

..

..

..

..

..

..

..

Note: Totals may not add up due to independent rounding.

.. Not available.

Source: OPEC Secretariat.