OPEC Continues to Increase Output

In July 2015, OPEC production was 32.107 million barrels per day, slightly less than in June due to a cut in production from Iraq. However, Saudi Arabia's output rose by 70,000 bpd to 10.57 MMbpd in July. OPEC nations control 40% of the global crude oil production. "On June 5, 2015, OPEC decided to continue with its group’s output target of 30 MMbpd for the next six months in order to defend its market share. As a result, OPEC has been producing 1–2 MMbbls more crude oil than its output quota." With a massive rise in Iranian output expected, the impact on oil prices is negative.