Surprise Saudi decline depresses Opec output

摘要

Opec production edged down in July on an unexpected drop in Saudi output. Production eased by 50,000 b/d to 32.23mn b/d. An expected production increase by Saudi Arabia to an unprecedented 10.8mn b/d in July failed to materialise after buyers reportedly turned down ofers of ad- ditional supplies for July. Instead, Saudi Arabia’s output declined by 200,000 b/d to 10.29mn b/d. Riyadh had been expected to lead eforts to reduce overcompli- ance with production cuts by increasing its output last month - particularly after US president Donald Trump harangued Opec over rising oil prices. But there was limited interest in the extra July cargoes.