OPEC oil output declines by 840,000 bpd in July – Reuters – by eren_fxstreet Oil OPEC Commodities WTI
output of OPEC declined by 840,000 barrels per day from June to July to 27.34 million bpd, a Reuters survey showed on Monday.
During that period, Angola and Nigeria reportedly failed to reach the agreed oil output and Saudi Arabia reduced its production by 860,000 as part of its voluntary output cut. Increases in Angola and Iraq's outputs, however, limited the decline in the organization's total output.Crude oil prices continue to push higher following this headline. As of writing, the barrel of West Texas Intermediate was trading at its highest level since mid-April at $81.60, gaining 1.2% on a daily basis.
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