Oil supply tight: Saudi production rises to feed air conditioners, etc

FT: The IEA monthly oil market report shows recovery in the US has driven rising oil consumption in recent months. But Opec supply issues have also contributed to the current high oil price. Brent crude has climbed from just below $100 per barrel in April to $107 a barrel today.
“In Libya, production fell to 1m b/d in July, a sharp drop from June, when production was already at its lowest since the country’s civil war in 2011. A wave of strikes and militia activity have closed export terminals in the North African producer.
In Iraq production dipped below 3m b/d for the first time in six months.
….Saudi Arabia increased production to 9.8m b/d in July, according to the IEA, in part to meet domestic demand for electricity to run air conditioners in the summer months, but also to compensate for reduced supplies elsewhere. But Opec’s overall crude oil output fell to 30.4 mb/d in July, from 31 mb/d in May.
“We find it a little bit surprising that there isn’t more of a chatter about this,” said Antoine Halff, head of the IEA’s oil markets division.”