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OPEC July production beats expectations

VIENNA, Aug. 13 (UPI) -- OPEC production for July increased by 300,000 barrels per day for an average of 32.77 million barrels per day, an energy reporting agency said Wednesday.

Energy information firm Platts said, not counting Iraq, the Organization of Petroleum Exporting Countries pushed production to 637,000 barrels per day beyond their 29.673 million barrel per day goal for July.

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Saudi Arabia accounted for the largest increase in production, with an increase from 9.45 million to 9.7 million barrels per day, with Iran, Kuwait and Nigeria making up for shortfalls from Iraq and Libya, the Iranian news channel Press TV said.

Iraqi production dropped to 2.46 million barrels per day in July, while Libyan oil production faltered because of maintenance work at two oil fields.

Nigeria, meanwhile, boosted its production by 100,000 barrels per day to 1.9 million amid conflict in the Delta region.

"It's notable that suddenly, with output rising, OPEC officials are concerned about adherence to quotas and oversupply," said John Kingston with Platts.

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