Opec output fell to its lowest level in more than five years in July despite Iraq posting record high production. The group’s output last month averaged 29.78mn b/d, down 140,000 b/d from the previous month, and the lowest figure since April 2014. Nevertheless, oil prices plummeted this week, with Brent well below $60/B.

Concerns over the US-China trade war precipitating a global economic slowdown that will dampen oil demand growth are escalating. With Opec stuck with lower production and prices, the group's leadership this week reaffirmed their unwavering commitment to rebalance the market in a bid to jolt prices upwards. (CONTINUED - 872 WORDS)