OPEC July output slumps to 5-year low on Saudi overcompliance

摘要

London-OPEC pumped its fewest barrels in more than five years in July, aided by a huge production decline in its largest producer, Saudi Arabia, along with declines in Iran, Nigeria, Libya and Venezuela. The producer bloc saw output slide to 29.88 million b/d last month, a fall of 210,000 b/d from June, despite output gains by six of its members, an S&P Global Platts survey of industry officials, analysts and shipping data found.