Institutional survey results show that the average OPEC oil production in July fell sharply by 900,000 barrels per day to 27.79 million barrels per day, the largest drop since 2020.
Among them, Saudi Arabia abided by its commitment and cut oil production by an additional 1 million barrels per day, with an average oil production of 9.15 million barrels per day.
Traders expect Saudi Arabia to announce in the coming days that it will extend production cuts until September. Nigeria's supply fell by 130,000 bpd, while Libya's output increased by 50,000 bpd.
