OPEC oil output has fallen in July after Saudi Arabia made an additional voluntary cut as part of the OPEC+ producer group's latest agreement to support the market and an outage curbed Nigerian supply, a Reuters survey found on Monday.
The Organization of the Petroleum Exporting Countries has pumped 27.34 million barrels per day this month, the survey found, down 840,000 bpd from June. That's the lowest since September 2021 according to Reuters surveys.
The Saudi move, which Energy Minister Prince Abdulaziz bin Salman called a "Saudi lollipop," came on to top of earlier voluntary cuts that Riyadh and several other members of OPEC+ had announced, and added to reductions made under a late 2022 OPEC+ agreement. OPEC's output is still undershooting the targeted amount by almost 1 million bpd partly because Nigeria and Angola lack the capacity to pump as much as their agreed level.
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