A TV camera is seen outside the headquarters of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna, Austria, May 25, 2017.  REUTERS/Leonhard Foeger

Overall OPEC production increase

Overall output from OPEC nations continues to rise.

OPEC nations exempt from agreed production cuts have caused the overall level of production in the OPEC-14 to increase.

The OPEC nations have agreed to cut production and subsequently agreed to extend production cuts.

The aim of the cuts has been to boost global oil prices. OPEC has struggled with the onset of US shale production which has caused global over supply.

The cuts have been successful up to a point with the price returning to above $50 a barrel. The price has however not risen to above $60 since early 2015.

Overall production for the OPEC-14 increased by 173,000 barrels per day in July, creating an overall sum of 32.87 million barrels per day.

Libya, one of the countries exempt from production cuts produced an increase of 154,000 barrels per day in July – the vast majority of the overall increase.

Venezuela has significantly reduced its production in the past year. In July this year it produced 1,932 million barrels per day. Oil makes up 95% of Venezuela’s income and there have been fears that restrictions or sanctions on the country will cause greater instability.

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