OPEC output disrupted in July on Nigeria attacks, Libya dispute

TVC E. OPEC’s crude oil output was disrupted in July by militant attacks in Nigeria and political disputes in Libya, according to a Bloomberg News survey. Output from the 13 established members of the Organization of Petroleum Exporting Countries, excluding new entrant Gabon, fell by 80,000 bpd last month, a Bloomberg survey of analysts, oil companies and ship-tracking data showed. Nigeria led the decline with a 70,000-bpd monthly drop to 1.52 MMbpd, while Libya and Saudi Arabia reduced output by 20,000 and 40,000 bpd, respectively. Gabon joined OPEC on July 1, becoming the smallest member with average output of 210,000 bpd. Because the group expanded to 14 nations, total production in July actually increased to 33.24 MMbpd from 33.11 MMbpd the prior month. The African nation initially joined the group in 1975, but ended its membership 20 years later. Nigeria has suffered steep crude output losses this year as militant attacks targeted oil...