| Average OPEC oil production dropped slightly in July to 30.2 million b/d, compared to 30.3 million b/d registered in June and 30.9 million in the same month last year. For the first seven months of 2014, total OPEC output has averaged 30.1 million b/d, down 2.2 per cent in year-on-year terms. The fall in aggregate production in July was due almost exclusively to lower output from Iran and Iraq, which saw drops of 140k b/d and 100,000 respectively.
In the case of Iraq, oil output has now slumped by 300,000 in the past two months to sit at 3.0 million b/d. Although there are ongoing concerns that the weakened security environment across the country could eventually undermine investment and hence production growth, the largest and most important oil fields do not yet appear to have been affected...............................................Full Article: Source
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