OPEC cuts Crude Oil production by 8.2% in July
Commodity Online | August 19 2019
UPDATED 12:03:51 IST

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OPEC has slashed its crude production in July to 29.61 million b/d, an 8.2% drop from June, Platts reported citing OPEC's closely watched monthly oil market report.

The production decline was led by Saudi Arabia, which said it pumped its lowest level in more than five years, but several member states reported output far below the quotas they had committed to under a deal aimed at bolstering oil prices.

The decline in production should tighten oil supply in the second half of 2019, but further cuts are likely needed to prevent a crude build-up in 2020, the report said.

 

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