OPEC Keeps Oil Output Steady While Cautiously Watching Market

OPEC Keeps Oil Output Steady While Cautiously Watching Market

From bnnbloomberg.ca

OPEC kept oil production broadly steady last month while it cautiously monitors the impact of its latest cutbacks on global markets. The Organization of Petroleum Exporting Countries produced an average of 26.99 million barrels a day in July, about 60,000 barrels a day less than in June, according to a Bloomberg survey. Venezuela and Iran drove the decline as demand faltered in their key customer, China. The cartel and its allies held a monitoring meeting this week as they prepare to gradually start reviving production — halted since 2022 in a bid to shore up prices — from the fourth quarter. While the committee, ... (full story)

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