Middle East Economic Survey

VOL. LIV

No 34

22-Aug-2011

OPEC Output Surges In July As Saudi Output Hits 30-Year High

OPEC crude oil production jumped by some 500,000 b/d in July on the back of strong gains by Saudi Arabia and Nigeria, according to MEES estimates. But the Middle East Gulf summer demand spurt absorbed at least half of this extra supply, leaving the market fundamentals relatively unchanged. This was the biggest monthly swing since February and the second biggest production...