OPEC’s Oil Production Rises But Still Well Below OPEC+ Target

OPEC’s total crude oil production rose by 216,000 b/d in July compared to June.  However, the 10 members in the OPEC+ pact pumped just over 25 mb/d in July in spite of quotas to collectively target crude oil production of 26.276 mb/d.  As a result of this, despite raising its crude oil production in July by 500,000 b/day, the OPEC+ group was still well below its collective quota, pumping 2.75 mb/d below targeted output.