OPEC outweighed rising oil production to its highest level in recent history.


A survey showed that production by the Organization of petroleum exporting countries (OPEC) is likely to score the highest in recent history in which time pumping it Iraq crude while Nigeria more successful in export additional quantities of crude despite attacks by militants on oil installations.

The survey found that "Saudi Arabia OPEC member production kept near a record high with its coverage of higher seasonal demand while focusing on maintaining market share rather than reduce production to support prices."

OPEC production rose to 33.41 million barrels in July compared to 33.31 million barrels in June, according to the survey reading was based on the shipping data and information from sources in the public sector.

Increased OPEC production caused further downward pressure on crude prices. Oil fell from the highest level in 2016 who approached from 53 dollars a barrel in July to $ 42 a barrel Friday under the pressure of concerns about weakening demand.

OPEC production may rise more if talks reopen oil installations after Libyan production remained at very low levels compared to what it was before the war.

Carsten Fritsche said komirts analyst Bank "that could lead to pump more oil into the market soon abundance already supply of raw" Although previous hopes to resume production.

OPEC production has jumped because of the return of former member Indonesia in 2015 and accession Gabon also this month, as the production of other members in July totaled 32.46 million barrels, the highest ever in a Reuters survey that began in 1997.

And also supplies soared since OPEC abandoned in 2014 on the historic role of reducing production to support prices where pump top producers such as Saudi Arabia, Iraq and Iran more raw.

The largest increase came in July from Iraq 90 thousand barrels were exporting larger amounts of crude from North and South of the country despite a leak in one of the pipelines has led to disruption of some exports.