• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 11 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 1 day The United States produced more crude oil than any nation, at any time.
  • 7 days e-truck insanity
  • 2 days How Far Have We Really Gotten With Alternative Energy
  • 6 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 5 days James Corbett Interviews Irina Slav of OILPRICE.COM - "Burn, Hollywood, Burn!" - The Corbett Report
  • 5 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 7 days Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 7 days "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 10 days Bankruptcy in the Industry
The EU Allows Members to Ban Russian LNG as Imports Climb

The EU Allows Members to Ban Russian LNG as Imports Climb

The European Parliament approved rules…

OPEC+ Rules in an Increasingly Tight Oil Market

OPEC+ Rules in an Increasingly Tight Oil Market

The market is growing increasingly…

OPEC’S Production Falls By Most In 3 Years: Survey

OPEC’s crude oil production fell in July by the largest amount in years, according to a new Bloomberg survey.

According to the results of the survey, OPEC’s crude production fell 900,000 barrels per day (bpd) last month, to an average of 27.79 million bpd. It is the sharpest drop since 2020 when the group rushed to cut its output in the wake of Covid lockdowns and crashing demand.

The survey showed that Saudi Arabia carried the heaviest load in cutting production in July, producing 9.15 million bpd. Nigeria and Libya also saw their production dip last month by 130,000 bpd and 50,000 bpd, respectively. 

OPEC+’s Joint Ministerial Monitoring Committee (JMMC) meeting has been scheduled for August 3 to assess the state of the oil markets, according to sources who spoke with Oilprice.com last week. Bloomberg reported today that Saudi Arabia and Russia would chair an online review of the markets at a meeting on August 4.

Analysts largely expect Saudi Arabia to extend its voluntary 1 million bpd supply cut into September as it looks to support the rebound in oil prices, which have Brent pushing $85 as of Tuesday afternoon. But some anticipate Saudi Arabia unwinding at least part of its 1 million bpd cut beginning next month.

Oil markets are expected to tighten during this half of the year, with even the IEA predicting an oil shortage of 1.7 million bpd in H2. Standard Chartered has predicted a 2.81 million bpd shortfall this month, with smaller shortfalls—but still shortfalls—in September and beyond.

Brent prices are expected to climb in the fourth quarter above $90 per barrel—a level that some suggest would entice Saudi Arabia to unwind its voluntary cuts.

By Julianne Geiger for Oilprice.com

ADVERTISEMENT

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News