The OPEC Monthly Oil Market Report for August 2021 was published this past week. The last month reported in each of the charts that follow is July 2021 and output reported for OPEC nations is crude oil output in thousands of barrels per day (kb/d). In the charts that follow the blue line is monthly output and the red line is the centered twelve month average (CTMA) output. figure 1 figure 2 OPEC produced 26657 kb/d of crude oil in July 2021 based on secondary sources, an increase of 637 kb/d from June. June output was revised down by 14 kb/d from what was reported last month and May output was revised up by 6 kb/d. Most of the increase in OPEC output was from Saudi Arabia (497 kb/d) followed by Iraq (56 kb/d), Nigeria (45 kb/d), UAE (42 kb/d), and Kuwait (42 kb/d). figure 3 figure 4 figure […]