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Oil Just Plunged To A $48 Handle After Survey Suggests OPEC Output Jumped In July

Oil Just Plunged To A $48 Handle After Survey Suggests OPEC Output Jumped In July

zerohedge.com / by Tyler Durden / Aug 1, 2017 11:21 AM

Extending losses from Goldman’s overnight report noting the minimal impact of Venezuelan sanctions, WTI crude just crashed below $49 on heavy volume after Bloomberg reports that a survey suggests that OPEC’s July oil output rose by 210K to 32.87mmb/d, led by growth in Libya who upped production by 180Kb/d to the highest since June 2013.

The recovery of crude production from Libya is undermining OPEC’s efforts to curb its output as the African nation pumps unabated.

Total crude production from the Organization of Petroleum Exporting Countries in July rose 210,000 barrels a day from June to reach 32.87 million barrels a day, according to a Bloomberg News survey of analysts, oil companies and ship-tracking data.

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