Saudis Drive Opec-Plus Output Lower

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Opec-plus' crude oil production tanked by 810,000 b/d in July to 42 million b/d, the lowest since August 2021, according to Energy Intelligence's preliminary assessment. Saudi Arabia was the sole explanation for the plunge, as the Opec heavyweight slashed output by 940,000 b/d to 9.01 million b/d. A jump in production by Iraq, Angola, and Nigeria, totaling 400,000 b/d helped partially offset the Saudi cut. Output by Russia was assessed at 9.52 million b/d, down 460,000 b/d from February, nearly fulfilling Moscow's promise of a 500,000 b/d reduction. Thanks to the decline, the persistent production shortfall by the 19 members with a monthly target was about 850,000 b/d, the lowest since December 2021.

Opec-Plus Supply , Oil Supply
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