Despite the decline in crude oil production in Libya, Iran and Saudi Arabia, OPEC’s crude oil production in July still rose. The average daily oil production in July was 32.32 million barrels, an increase of 41,000 barrels compared with June.
The increase in production in Kuwait, Nigeria and the United Arab Emirates offset the impact of lower production in other regions. Although OPEC's production in July has risen, it has also raised its competitors' expectations for oil supply for the rest of the year. The latest report of the International Energy Agency shows that the growth of oil demand has slowed down, which has slightly eased the oil supply disruption. And the oil market has temporarily eased this summer.
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