Platts Survey: OPEC+ Oil Output Slumps To Two-Year Low

The members of the OPEC+ group saw their collective oil production slump to the lowest level in nearly two years in July after Saudi Arabia began its unilateral output cut of 1 million barrels per day (bpd), the Platts survey by S&P Global Commodity Insights showed on Wednesday. OPEC’s oil production from all 13 members stood at 27.34 million bpd in July, down by 890,000 bpd compared to June. The non-OPEC allies saw their output at 13.06 million bpd, basically flat month on month, as Russian output remained almost unchanged,…