OPEC Oil Output Rises in July on Saudi Rebound, Survey Reveals

OPEC oil output rose in July, a Reuters survey showed yesterday, 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 Organisation of the Petroleum Exporting Countries (OPEC) 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 U.S. production.

A meeting of top OPEC+ ministers on Thursday kept oil output policy unchanged including a plan to start unwinding one layer of output cuts from October, and repeated that the hike could be paused or reversed if needed.