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The Organization of the Petroleum Exporting Countries (OPEC) revealed on Monday a notable decrease in oil production among its 13 member states during July.
The combined output dropped by 836 thousand barrels per day, settling at 27.310 million barrels per day, compared to the previous month of June.
According to the OPEC monthly report, “The most substantial drops in production were led by Saudi Arabia, which experienced a reduction of approximately 968 thousand barrels per day, bringing its daily oil production to 9.021 million barrels. Followed by Libya, which witnessed a decrease of 52 thousand barrels per day, resulting in a total oil production of 2.110 million barrels per day. Nigeria also experienced a decline of 40 thousand barrels.”
The report highlighted, “the countries that contributed to the production increase included Iran at the forefront with a rise of 68 thousand barrels per day. Angola followed suit with an upswing of 56 thousand barrels, while Iraq’s production climbed by 40 thousand barrels per day, reaching 4.203 million barrels. Additionally, Venezuela registered an increase of 37 thousand barrels.”
OPEC and its allies, collectively known as OPEC+, enacted a reduction in crude oil production, marking one of the lowest levels in nearly two years for July. This reduction was primarily attributed to a substantial voluntary cutback by Saudi Arabia and other OPEC member states, a measure aimed at stabilizing global oil markets.
