OPEC’S Production Falls By Most In 3 Years: Survey

OPEC’s crude oil production fell in July by the largest amount in years, according to a new Bloomberg survey. According to the results of the survey, OPEC’s crude production fell 900,000 barrels per day (bpd) last month, to an average of 27.79 million bpd. It is the sharpest drop since 2020 when the group rushed to cut its output in the wake of Covid lockdowns and crashing demand. The survey showed that Saudi Arabia carried the heaviest load in cutting production in July, producing 9.15 million bpd. Nigeria and Libya also saw their…