Opec crude oil production in July rose from the previous month’s 30-year lows as the GCC trio of Saudi Arabia, the UAE and Kuwait ended their deeper voluntary cuts. Production from the 13-member organization averaged 23.19mn b/d in July, an increase of 940,000 b/d on June’s lows (MEES, 10 July).
July was the last month of the deepest phase of the Opec+ cuts which came into force in May in a bid to stabilize oil markets (MEES, 17 April). The agreement now transitions to Phase 2, where the level of cuts pledged by the Opec+ alliance eases from 9.6mn b/d to 7.7mn b/d for August-December. (CONTINUED - 858 WORDS)