OPEC’s Production Drops More Than 1 Million Bpd In July: Argus

A third survey has come in showing that OPEC’s production dipped even more than earlier estimates, according to Argus, which showed that production fell in July by more than 1 million bpd as Russia and Saudi Arabia stepped up their efforts to curtail production.  Argus’ survey is just one of many, with each survey looking increasingly more bullish. On July 31, a Reuters survey showed that OPEC output fell 840,000 bpd from June levels, carried mainly by Saudi Arabia, which the survey showed had cut 860,000 bpd from June levels.…