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Decoding OPEC Members’ Crude Production in July 2016

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Dec. 4 2020, Updated 10:53 a.m. ET

OPEC members  

Algeria, Angola, Ecuador, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, Gabon, the UAE (United Arab Emirates), and Venezuela are members of OPEC (Organization of the Petroleum Exporting Countries).

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OPEC members’ crude oil production 

According to OPEC’s Monthly Oil Market Report, these countries’ crude oil production figures for July 2016 are as follows: 

  • Algeria – flat at 1.1 MMbpd (million barrels per day) in July 2016
  • Angola – flat at 1.8 MMbpd in July 2016
  • Ecuador – flat at 548,000 bpd (barrels per day) in July 2016
  • Gabon – almost flat at 230,000 bpd in July 2016
  • Indonesia – flat at ~740,000 bpd in July 2016
  • Iran – a rise of 12,500 bpd to 3.6 MMbpd in July 2016 over June
  • Iraq – a rise of 74,800 bpd to 4.3 MMbpd in July 2016 over June
  • Kuwait – flat at 2.7 MMbpd in July 2016
  • Nigeria – a fall of 41,000 bpd to 1.5 MMbpd in July over June
  • Saudi Arabia – a rise of 30,000 bpd to 10.5 MMbpd in July 2016 over June
  • UAE – a rise of 20,400 bpd to 2.9 MMbpd in July 2016 over June
  • Venezuela – a fall of 19,700 bpd to 2.1 MMbpd in July over June 

Impact on crude oil, stocks, and ETFs 

The EIA (U.S. Energy Information Administration) estimates that OPEC’s crude oil production will rise in 2016 and 2017. For more on this, read the previous part of this series. High production from OPEC will have a negative impact on crude oil prices. 

Lower crude oil prices impact US and international oil producers’ profitability such as PetroChina (PTR), Sanchez Energy (SN), and Stone Energy (SGY). The rollercoaster rides in crude oil prices also impacts ETFs and ETNs such as the United States 12 Month Oil ETF (USL), the DB Crude Oil Double Short ETN (DTO), the ProShares UltraShort Bloomberg Crude Oil (SCO), and the United States Brent Oil ETF (BNO).

In the next three parts of this series, we’ll analyze some key bullish drivers of crude oil prices.

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