Opec crude production hit a new record of 33.05mn b/d in July, surpassing January’s previous record by some 300,000 b/d as Saudi Arabia keeps true to its policy of prioritizing market share, recording its 16th consecutive month of 10mn b/d-plus output. Year-to-date Opec output production is 700,000 b/d up on last year, primarily due to gains from Iraq and post-sanctions Iran, and a new record output looks inevitable despite major unplanned outages in a number of Opec countries.

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