OPEC+’s July Production Survey Shows Another Big Miss ...Middle East

Despite raising its crude oil production in July by 500,000 barrels per day, the OPEC+ group was still well below its collective quota, pumping 2.75 million bpd below targeted output, an Argus survey found on Wednesday. OPEC+ saw its combined crude oil production at 38.70 million bpd last month, with Saudi Arabia, OPEC’s top producer and de facto leader, raising its supply to the market the most. According to the survey and preliminary tanker-tracking from Argus, Saudi Arabia’s crude oil shipments jumped by more than 550,000 bpd in…

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