From OilPrice.com
Iran exports plunge, perhaps down to 100,000 bpd. Iran’s oil exports plunged to just 100,000 bpd in July, although there is a dispute over the accuracy of that data. If true, volumes are down sharply from the 400,000 bpd in June. Meanwhile, the Iranian government approved a plan to lop off a few zeros from its currency and rename it amid bad inflation.
Libyan production falls below 1 mb/d. Libya’s oil production fell to just 950,000 bpd after the Sharara field went offline for the second time in as many weeks. The outage is a sign of deteriorating security as the 4-month civil war drags on.
OPEC production falls to 8-year low. OPEC production fell to just 29.42 mb/d in July, down 280,000 bpd from June. Voluntary cuts from Saudi Arabia and steep losses from Iran contributed to the lower figure.
Trump considers quarantine of Venezuela. When asked if he was considering a blockade or quarantine of some kind of Venezuela, President Trump said: “Yes, I am.” He did not offer any further details.
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Keep in mind that it takes 2-3 months before declines in OPEC production shows up in OECD oil inventory reports.
OPEC Production is falling - Aug 2
OPEC Production is falling - Aug 2
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group