Saudi Arabia's production increased by 230,000 barrels a day in July to 10.65 million barrels per day. Iranian officials have warned the country would not easily yield to a renewed US campaign to strangle Iran's vital oil exports.
Higher crude output from the Saudis, along with Nigeria and Iraq, pushed up total production from the Organization of Petroleum Exporting Countries by 300,000 barrels a day, offsetting losses from a spiraling economic collapse in Venezuela, political clashes in Libya and the onset of USA sanctions against Iran.
US crude oil production is growing, but at a slower pace than predicted.
Brent oil futures steadied on Friday as the market focused on bearish longer-term factors after gains in the previous session, which were driven by USA crude inventories at a major hub falling to their lowest in almost four years. Gasoline stocks declined by 2.5 million barrels, while crude stocks at the Cushing, Oklahoma, delivery hub for WTI futures fell 1.3 million barrels, EIA data showed.
Russian oil output rose by 150,000 barrels per day in July from a month earlier, surpassing the amount Moscow had said ti would add following a meeting of global oil producers in Vienna in June, energy ministry data showed on Thursday.
Petrol stocks declined 2.5 million barrels, while crude stocks at the Cushing, Oklahoma, delivery hub for United States crude futures fell by 1.3 million barrels, EIA data showed.
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In the monthly crude oil production report this week, the EIA revised up the production numbers for April, by 5,000 bpd.
To be sure, production jumped from a year ago-by 13.3 percent from the 9.217 million bpd production in May last year. That's equivalent to about 11.21 million barrels a day. Total volume traded Friday was about 31% below the 100-day average. Over the past four weeks, motor gasoline supplied averaged 9.68 million barrels per day, down by 0.9 percent from the same period a year ago. Over the past four weeks, jet fuel supplied averaged 1.79 million barrels per day, down by 1.7 percent from the same period previous year.
US nonfarm payrolls rose in July but the USA trade deficit recorded its biggest increase in more than 1-1/2 years in June as the boost to exports from soybean shipments faded and higher oil prices lifted the import bill.
Brent for October settlement rose 44 cents to $72.83 a barrel on the London-based ICE Futures Europe exchange.
Saudi Arabia, OPEC's largest member, produced 10.63 million b/d, the kingdom's highest since August 2016, when it produced its record 10.66 million b/d, according to Platts survey archives.