The OPEC Monthly Oil Market Report (MOMR) for July 2022 was published recently. The last month reported in most of the OPEC charts that follow is June 2022 and output reported for OPEC nations is crude oil output in thousands of barrels per day (kb/d). In most of the OPEC 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 output was revised lower in April 2022 by 6 kb/d and May 2022 output was revised down by 26 kb/d compared to last month’s MOMR. The bulk of the June increase in output (68%) was from Saudi Arabia, with smaller increases frpm UAE(39), Iran(31), Kuwait(29), and Angola (27). Libya had a fairly significant decrease of 78 kb/d and Venezuela was down by 14 kb/d. Figure 3 The chart above compares OPEC crude data […]