OPEC+ Oil Supply Plunges By 1.2 Million Bpd As Saudi Arabia Cuts Output

Oil supply from the OPEC+ group dipped in July by 1.2 million barrels per day (bpd) to 50.7 million bpd, the lowest level in nearly two years as Saudi Arabia began its unilateral production cut of 1 million bpd, the International Energy Agency (IEA) said on Friday.   The alliance’s oil production was down by more than 2 million bpd from the start of the year. Over the same period, oil producers outside the OPEC+ group increased their combined production by 1.6 million bpd to 50.2 million bpd. For the rest of the year, the non-OPEC+…