Opec reins in output

摘要

Opec crude production posted a sharp monthly decline in July, sliding to its low- est in fve years, largely thanks to Saudi Arabian cuts. Production fell by 340,000 b/d to 29.56mn b/d last month. A steep cut by the group’s de facto leader Saudi Arabia and smaller declines among other members drove compliance for the 11 Opec countries party to the Opec+ output restraint agreement to a 2019 high of 158pc (see table).