Telegraph: Shale is fuelling a global revolution
Civil unrest in Libya has cut exports to their lowest levels since the 2011 civil war, with shipments standing at just one third of capacity.
In northern Iraq a dispute between Baghdad and the Kurdistan Regional Government over payment and contract terms, coupled with pipeline attacks, will disrupt the government’s plans to ramp up output in the next few years. Security issues in Algeria and Nigeria remain a concern.
Even though Saudi Arabia raised oil production in July to a 12-month high, that was not enough to offset a decline in the production of other Opec members. In total, Opec’s July output was down 1.1m barrels per day, year on year. “The reasons had very little to do with lack of demand… and everything to do with domestic developments in some member countries,” said the IEA.
By contrast, non-Opec supplies increased by 570,000 barrels per day in July, with North America providing around 40pc of the growth, the majority of it from Canada. MORE