OPEC reports sharp production drop amid ‘somewhat bearish’ market outlook

摘要

London-Led by its kingpin Saudi Arabia, which said it pumped at its lowest level in more than five years, OPEC on Friday reported it slashed its crude production in July as it continues to battle slumping oil prices. OPEC pumped 29.61 million b/d last month, an 8.2% drop from June, it said in its closely watched monthly oil market report, which uses six independent secondary sources to track production. Many countries were far below the quotas they committed to under a deal aimed at bolstering oil prices.