OPEC+ Production Climbs

Oil

OPEC+ production rose by 680K b/d m-o-m to 35.82M b/d in July, according to Argus estimates. The increase was largely supported by Saudi Arabia who brought back the final 400K b/d of their 1M b/d voluntary cut that was implemented between February-April. The rise was partially compensated by fall in production from African producers, as Nigeria and Angola saw production fall by a combined 110K b/d m-o-m.