OPEC’s production rose in July as part of an agreement to increase output approved by the OPEC+ alliance. However, the overall gain was limited as some countries cut production.
A Reuters survey showed that OPEC’s output reached around 27.38 million barrels per day last month, up by 270,000 barrels per day compared to June.
Under an agreement among the eight OPEC+ members regarding July production, the five OPEC members involved were scheduled to raise their output by 310,000 barrels per day before accounting for compensatory cuts of 175,000 barrels per day by some members.
The survey showed that the actual increase was only 150,000 barrels, as some countries ramped up output without reaching their full targeted quotas, while others voluntarily reduced production to offset previous overproduction.
OPEC’s production rose in July as part of an agreement to increase output approved by the OPEC+ alliance. However, the overall gain was limited as some countries cut production.
A Reuters survey showed that OPEC’s output reached around 27.38 million barrels per day last month, up by 270,000 barrels per day compared to June.
Under an agreement among the eight OPEC+ members regarding July production, the five OPEC members involved were scheduled to raise their output by 310,000 barrels per day before accounting for compensatory cuts of 175,000 barrels per day by some members.
The survey showed that the actual increase was only 150,000 barrels, as some countries ramped up output without reaching their full targeted quotas, while others voluntarily reduced production to offset previous overproduction.
