OPEC oil output retreats by 840,000 bpd in July

Crude oil prices continue to push higher following news reports confirming that crude oil output by OPEC declined by 840,000 barrels per day from June to July to 27.34 million bpd, according to Reuters’ recent survey.

After this headline, and at the time writing, WTI crude is trading at its highest level since mid-April at $81.60, gaining 1.2% on a daily basis.

During that period, Angola and Nigeria were not able to reach the agreed oil output and Saudi Arabia reduced its production by 860,000 as part of its voluntary output cut. Increases in Angola and Iraq’s outputs, however, limited the decline in the organization’s total output.