OPEC stuck to its combined output ceiling in July mainly because of output problems in Nigeria where oil workers are striking against the military government.
A Reuters survey showed combined output of the 12 OPEC states was 24.78 million barrels a day (b/d) in July. This compares with 24.79 million b/d in June and the OPEC combined quota until the end of the year of 24.52 million b/d.
Nigerian production is estimated to have fallen to 1.8 million b/d from 1.93 million b/d in June. Most other OPEC states are estimated to have produced at or more than their OPEC allocations. Iraqi output was put at 550,000 b/d in July compared with its quota of 400,000 b/d.