OPEC+ cut crude output to a near two-year low in July as major voluntary cuts from Saudi Arabia took effect, a Platts survey showed.
Recent production cuts by Saudi Arabia and disruptions in Kazakhstan and Nigeria offset increases in Iran and Iraq, leading to a month-on-month decline in OPEC+ output of almost 1 million b/d.
The survey found that OPEC's 13 members produced 27.34 million bpd, while Russia and eight other allies produced 13.06 million bpd, totalling 40.4 million bpd, the lowest since August 2021.
In addition, Saudi production fell to 9.05 million barrels per day, the lowest level since June 2021.