OPEC’s oil production fell to 27.31 million barrels per day in July, an 836,000 bpd decline from a month earlier.
The decline was largely a result of Saudi Arabia delivering on its 1 million barrels per day production cut.
Libya and Nigeria also saw declines in production in July, but it is reductions from Saudi Arabia and Russia that are tightening the market.
OPEC’s crude oil production from all its member states fell by 836,000 barrels per day (bpd) to 27.31 million bpd in July, due to a 968,000 bpd decline in Saudi output as the Kingdom nearly delivered its promised 1-million-bpd cut last month.
Production in Saudi Arabia, Libya, and Nigeria dropped last month compared to June, while rising production from Iran, Angola, and Iraq offset some of the Saudi reduction, according to secondary sources in OPEC’s Monthly Oil Market Report (MOMR) published on Thursday.
Libya and Iran, however, together with Venezuela, are exempted from the OPEC+ deal binding the other 10 OPEC members in production cuts.
Saudi Arabia, leader of the cartel and the OPEC+ agreement, saw its crude oil production slump by 968,000 bpd from June to average 9.021 million bpd in July, per OPEC’s secondary sources in the report. Due to Saudi Arabia’s voluntary unilateral cut, the Kingdom’s crude oil production has now fallen below the production of Russia, the key partner of OPEC in the OPEC+ alliance.