Oil prices rise on lower Saudi output in July

Crude oil prices edged higher on Tuesday after the latest OPEC monthly report showed that Saudi Arabia, world’s leading exporter, had reduced production in July amid projections of expected rise in supply.

Global benchmark Brent crude was last trading up 0.8 percent at 73.2 per barrel (bbl), while West Texas Intermediate (WTI) crude futures were up 0.9 percent at $67.82/bbl.

According to data from secondary sources, Saudi Arabia’s production fell 52,800 barrels per day (bpd) in July to 10.387 million bpd, OPEC oil report showed.

Based on direct communication, the Kingdom’s crude oil production declined 200,500 bpd in July to 10.288 million bpd.

Meanwhile, the cartel revised upwards its estimates on oil supply for both 2018 and 2019.

Non-OPEC oil supply in 2018 was revised up by 73,000 bpd from OPEC’s July report to average 59.62 million bpd.

For 2019, the non-OPEC supply was projected to reach an average of 61.75 million bpd – an upward revision of 106,000 bpd.

The producers’ group, meanwhile, lowered its estimates on oil demand growth for this year and the next by 20,000 bpd.