OPEC oil production rises in July due to increased Saudi supply

OPEC oil output rose in July, a Reuters survey found on Friday, as a rebound in Saudi Arabian supply and small increases elsewhere offset the impact of ongoing voluntary supply cuts by other members and the wider OPEC+ alliance.

The Organization of the Petroleum Exporting Countries pumped 26.70 million barrels per day (bpd) last month, up 100,000 bpd from June, according to the survey based on shipping data and information from industry sources.

The increase comes despite OPEC+, which comprises OPEC and allies such as Russia, keeping in place most of its output cuts until the end of 2025 to bolster the market in the face of tepid demand growth, high interest rates and rising US production.

Reuters