In July, Saudi Arabian crude output fell 2% m-o-m to 9.65m bpd, the lowest level of production since 2015 and taking the Kingdom’s compliance with OPEC+ output cuts to 305%. Saudi Arabia reportedly intends to keep crude output below 10m bpd in August and September. Meanwhile, Iraqi crude production reached a record level in July, rising 1% m-o-m to 4.78m bpd, which exceeded the country’s agreed output level as part of the OPEC+ cuts by 0.27m bpd. Overall, oil production from OPEC+ signatories reached 43.85m bpd in July, down 0.20m bpd m-o-m, with total compliance with the agreed cuts standing at 134%. This followed the decision at the latest OPEC+ meeting on July 1st-2nd to extend the supply cut deal until end-March 2020 in an effort to support oil prices.
展开▼
