Crude oil output of OPEC (Organization of the Petroleum Exporting Countries) declined by 840,000 barrels per day (bpd) from June to July to 27.34 million bpd, a Reuters survey showed on Monday.
During that period, Angola and Nigeria reportedly failed to reach the agreed oil output and Saudi Arabia reduced its production by 860,000 as part of its voluntary output cut. Increases in Angola and Iraq's outputs, however, limited the decline in the organization's total output.
Market reaction
Crude oil prices continue to push higher following this headline. As of writing, the barrel of West Texas Intermediate was trading at its highest level since mid-April at $81.60, gaining 1.2% on a daily basis.
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
Hot
No comment on record. Start new comment.