Paris – OPEC pumped more oil in July as global oil supplies rose for the third straight month, the IEA said Friday, giving figures that cast further doubt on the cartel’s pledge to cut output to raise prices.
In its monthly report on the global oil market, the International Energy Agency said, however, that it believes the supply glut is easing, partly because demand is growing faster.
“There would be more confidence that re-balancing is here to stay if some producers party to the output agreements were not…showing signs of weakening their resolve,” the IEA said.
OPEC and a number of other producers including Russia agreed late last year to cut production to ease oversupply and support the price of crude.In May they extended those cuts into 2018.
However the effort has been undermined by a number of countries failing to honour their pledges to reduce output.