Opec-Plus: July Breakout Breathes Vigor Into Alliance

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Crude oil production by Opec-plus, including the four members without a quota, increased by 1.08 million barrels per day in July, the largest monthly gain in two years, and totaled 44.55 million b/d. Output by the alliance has now recovered fully from Russia’s free fall in April and is at a 27-month high. Energy Intelligence is forecasting that the alliance will raise output by about 500,000 b/d by year’s end to 45 million b/d, although a higher level is not ruled out if Iran can manage to reach a deal with Western negotiators and begin tapping its approximate 1.2 million b/d in spare capacity.

Crude Oil, Oil Supply, Opec-Plus Supply
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