OPEC pumps 29.22 mil b/d in July, up 100,000 b/d

Crude production from OPEC's 12 members rose by 100,000 b/d to 29.22million b/d in July, a Platts survey of OPEC and oil industry officials and analysts showed August 6.

Excluding Iraq, which does not participate in the group's production agreements, the 11 members bound by quotas under a 24.845 million b/d target boosted output by 80,000 b/d to 26.82 million b/d in July.

The July estimates show that the OPEC-11 exceeded their target by 1.975million b/d, achieving a compliance rate of 53% with the 4.2 million b/d of output cuts agreed in late 2008 and which came into force in January 2009.

Volume increases totaling 200,000 b/d from Nigeria, Saudi Arabia, the UAE, Venezuela and Iraq were partly offset by 100,000 b/d of decreases from Angola and Iran.

The biggest single increase came from Nigeria, which boosted output by 110,000 b/d to 2.12 million b/d, while Angolan output dropped by 90,000 b/d to 1.75 million b/d.