The figures gave an immediate boost to the market, adding about $0.30 to a barrel. The OPEC basket price on 24 July was valued at $24.98 a barrel, well within the organisation’s target price range of $22-28 a barrel. OPEC in late June agreed to roll over its production quotas in order to maintain oil market stability.

However, compliance has been weak this year, with June output estimated to be 1.3 million barrels a day (b/d) higher than the quota of 21.7 million b/d. The organisation also faces problems in the form of non-OPEC production increases. The end of export curtailments by Norway, Russia and Mexico will release an extra 150,000 b/d into the market over the next six months, while organic growth also remains high.