OPEC+ Accelerates Oil Output Amid Global Uncertainty

OPEC+ July Oil Output Was Lower Than 411,000 Bpd Planned Hike

The OPEC+ producers raised their combined crude oil production by 335,000 barrels per day (bpd) in July, below the 411,000 bpd output hike eight of the 22 producers have pledged for last month.  OPEC-only production from the 12-member cartel increased by 263,000 bpd—and most of the rise came from two major producers, Saudi Arabia and the United Arab Emirates (UAE), according to data from secondary sources in OPEC’s Monthly Oil Market Report publ…

OPEC+ Accelerates Oil Output Amid Global Uncertainty