OPEC Crude Output Fell 840kbpd MoM in July: Reuters Survey

OPEC oil output fell to 27.34mbpd in July, down by 840kbpd from June and the lowest level since September 2021, as Saudi Arabian output cuts took affect according to a Reuters survey.

• Saudi Arabia lowered its output by 860kbpd month on month. The country pledged to additionally cut production by 1mbpd in July.
• In addition to lower production from Saudi Arabia, production has been lower in Nigeria amid the suspension of loadings from the Forcados oil terminal on 12 July. Loadings attempted to resume on 25 July before they were halted again after a single buoy mooring point was found to be still leaking.
• Libyan output also edged down in July after protest briefly stopped production at some oil fields.
• Some of the declines were offset by increases in Angolan and Iraqi output amid higher exports.
• OPEC's output is still undershooting the targeted amount by almost 1mbpd partly because Nigeria and Angola lack the capacity to pump as much as their agreed level.