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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
OIL
OPEC+ crude oil production fell to the lowest level since August 2021 driven by Saudi Arabia’s voluntary output cuts, as well as disruptions in Kazakhstan and Nigeria according to a Platts survey.
- OPEC-13 pumped 27.34mbp in July, down from 28.23mbpd in June.
- Saudi Arabian crude output declined by 0.94mbpd on the month to 9.05mbpd, slightly above its quota. The Kingdom pledged to voluntarily reduce production by 1mbpd as of 1 July until the end of September.
- Russia and eight other allies added 13.06mbpd to a total of 40.4mbpd, with Russian output stable on the month at 9.42mbpd.
- Output increases were seen in Iraq with a rise of 0.08mbpd on the month to 4.21mbpd. Iranian production also increased by 0.05mbpd to 2.76mbpd.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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